Greenwood, Missouri Property Taxes
The median property tax rate in Greenwood, MO is 0.85%, notably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Greenwood at $132,200, the typical annual property tax bill amounts to $1,126, which is below the national median of $2,690. Property taxes in Greenwood are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Greenwood'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 Greenwood 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
Greenwood, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,124
Ownwell’s Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, Missouri
Property taxes in Greenwood, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Greenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood 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 Greenwood's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64034 zip code has the highest median property tax rate of 0.85%, while the 64034 zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Greenwood 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 Greenwood 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 Greenwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64034 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, Missouri
In Greenwood, 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 Greenwood, 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 Greenwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 64034, with a tax bill of $1,126, which is also the lowest median tax bill in the area.
Average Greenwood Assessed Value
$132,200
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 Greenwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64034 | $132,200 | $132,200 | $132,200 | $132,200 | $132,200 |
Source: Ownwell
Property Tax Bills Across Greenwood, Missouri
In Greenwood, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the final tax bill. Homeowners in Greenwood, located in Morgan County, Missouri, experience a median home price of $132,200. The median property tax rate in the area is 0.99%, aligning with the national median rate. This results in a median tax bill of approximately $1,126. Factors influencing the tax bill include the home's assessed value and the local tax rate, which can vary annually based on budgetary needs and local government decisions. For homeowners, this tax bill represents a significant portion of their annual expenses, impacting their overall financial planning. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances more effectively. In Greenwood, the consistency in tax bills—ranging from the 25th to the 90th percentile at $1,126—provides homeowners with a predictable expense, aiding in better financial stability.
Average Greenwood Tax Bill
$1,126
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64034 | $1,126 | $1,126 | $1,126 | $1,126 | $1,126 |
Source: Ownwell