Glasgow, Missouri Property Taxes
The median property tax rate in Glasgow, MO is 0.85%, 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 Glasgow at $209,000, the typical annual property tax bill amounts to $1,781, significantly less than the national median of $2,690. Property taxes in Glasgow are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Glasgow'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 Glasgow or another part of Morgan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Glasgow, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Glasgow Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Glasgow with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Glasgow 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 Glasgow, Missouri
Property taxes in Glasgow, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Glasgow is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Glasgow set these rates annually, and they can vary significantly across different neighborhoods. Each year, Glasgow 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 Glasgow's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65254 zip code has the highest median property tax rate of 0.85%, while the 65254 zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Glasgow provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Glasgow Tax Rate
0.85%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Glasgow, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65254 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Glasgow, Missouri
In Glasgow, 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 Morgan County Assessor's Office 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 Glasgow, 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 Glasgow helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 65254 has both the highest and lowest median tax bills in the area, each at $1781.
Average Glasgow Assessed Value
$209,000
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 Glasgow, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65254 | $209,000 | $209,000 | $209,000 | $209,000 | $209,000 |
Source: Ownwell
Property Tax Bills Across Glasgow, Missouri
In Glasgow, located in Morgan County, MO, property tax bills are determined by assessing the market value of a home and applying the local tax rate to this value. The median home price in Glasgow is $209,000. To calculate the tax bill, the assessed value of the property is multiplied by the county's tax rate. In Morgan County, the median property tax bill stands at $1,781. This figure is consistent across different percentiles, indicating a uniform application of tax rates within the region. Factors influencing the tax bill include the assessed value of the property, which is based on market conditions and property characteristics. Homeowners in Glasgow face a property tax rate that is relatively close to the national median rate of 0.99%. This means that the financial impact on homeowners is significant but not excessive compared to other regions. The property tax contributes to local services such as schools, infrastructure, and emergency services, thereby directly affecting the quality of life in the community.
Average Glasgow Tax Bill
$1,781
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Glasgow, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65254 | $1,781 | $1,781 | $1,781 | $1,781 | $1,781 |
Source: Ownwell