Fulton, Missouri Property Taxes
The median property tax rate in Fulton, MO is 0.89%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Fulton, the typical annual property tax bill is $317, significantly below the national median of $2,690. Property taxes in Fulton are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Fulton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Fulton or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Fulton, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$385
Ownwell’s Fulton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Fulton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Fulton to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Fulton, Missouri
Property taxes in Fulton, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fulton is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Fulton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fulton estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Fulton's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65251 has both the highest and the lowest median property tax rate of 0.89%. Understanding how these areas compare with Fulton provides valuable insights into the varying tax landscape across Callaway County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fulton Tax Rate
0.89%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fulton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65251 | 0.75% | 0.85% | 0.89% | 1.39% | 2.37% |
Source: Ownwell
Property Tax Assessment Values Across Fulton, Missouri
In Fulton, Missouri, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the local appraisal district for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Fulton, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Fulton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both recorded at $317.00 in the 65251 zip code. This knowledge empowers homeowners to take proactive steps in managing their property tax obligations.
Average Fulton Assessed Value
$43,250
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fulton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65251 | $2,550 | $11,625 | $43,250 | $149,425 | $214,700 |
Source: Ownwell
Property Tax Bills Across Fulton, Missouri
In Fulton, located in Morgan County, Missouri, property tax bills are calculated based on the assessed value of the property. The assessed value is a percentage of the market value, which is determined by local assessors. Homeowners in Fulton face varying tax bills depending on several factors, including the property's assessed value and the local tax rate. For instance, the median home price in Fulton is $43,250. Depending on the property's assessed value, tax bills can range significantly. The 25th percentile tax bill is around $120, while the 75th percentile tax bill can go up to $1,353. For those at the higher end, the 90th percentile tax bill reaches $1,898. This variability in tax bills means that homeowners need to be aware of how their property's assessed value and local tax rates influence their annual tax obligations. Compared to the national median property tax rate of 0.99%, homeowners in Fulton may find their tax rates and bills to be quite different, impacting their overall financial planning and homeownership costs.
Average Fulton Tax Bill
$317
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Fulton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65251 | $48 | $120 | $317 | $1,353 | $1,898 |
Source: Ownwell