Independence, Missouri Property Taxes
The median property tax rate in Independence, MO is 0.92%, slightly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Independence at $29,600, the typical annual property tax bill is $237, significantly below the national median of $2,690. Property taxes in Independence 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 Independence'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 Independence 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
Independence, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$272
Ownwell’s Independence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Independence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Independence 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 Independence, Missouri
Property taxes in Independence, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Independence is 1.15%, higher than both the Missouri state median of 0.93% and the U.S. national median of 0.99%. Local government entities within Independence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Independence 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 Independence's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64050 zip code has the highest median property tax rate of 1.22%, while the 64054 zip code has the lowest median tax rate of 0.87%. Understanding how these cities compare with Independence provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Independence Tax Rate
0.92%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Independence, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64050 | 0.83% | 0.92% | 1.22% | 2.43% | 2.90% |
| 64052 | 0.82% | 0.84% | 0.93% | 1.16% | 1.54% |
| 64053 | 1.01% | 1.01% | 1.01% | 1.01% | 1.01% |
| 64054 | 0.83% | 0.83% | 0.87% | 0.87% | 0.88% |
| 64055 | 0.83% | 0.85% | 0.88% | 1.07% | 2.29% |
| 64056 | 0.86% | 0.87% | 0.90% | 0.93% | 0.93% |
| 64057 | 0.74% | 0.93% | 0.94% | 1.40% | 1.41% |
| 64058 | 0.91% | 0.99% | 1.14% | 1.28% | 1.36% |
Source: Ownwell
Property Tax Assessment Values Across Independence, Missouri
In Independence, 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 Independence, 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 Independence helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $878 in the 64056 zip code, while the lowest is $149 in the 64052 zip code.
Average Independence Assessed Value
$29,600
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 Independence, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64050 | $1,270 | $1,675 | $5,200 | $8,125 | $22,660 |
| 64052 | $4,020 | $6,100 | $16,500 | $47,600 | $70,460 |
| 64053 | $22,600 | $22,600 | $22,600 | $22,600 | $22,600 |
| 64054 | $2,700 | $4,500 | $7,900 | $29,600 | $96,800 |
| 64055 | $1,760 | $4,000 | $54,500 | $150,900 | $175,600 |
| 64056 | $24,260 | $55,400 | $94,500 | $125,750 | $142,760 |
| 64057 | $4,080 | $7,200 | $28,900 | $62,500 | $89,320 |
| 64058 | $15,790 | $32,275 | $59,750 | $87,225 | $103,710 |
Source: Ownwell
Property Tax Bills Across Independence, Missouri
In Independence, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For homeowners in Independence, the median home price is $29,600. The tax burden can vary significantly; for instance, the 25th percentile tax bill is $51, while the 75th percentile tax bill is $803, and the 90th percentile tax bill reaches $1,310. The highest median tax bill in the area is $878 in the 64056 zip code, whereas the lowest median tax bill is $149 in the 64052 zip code. These variations can significantly affect homeowners, influencing their annual financial planning and potentially impacting decisions about buying or selling property. Comparing these figures to the national median property tax rate of 0.99%, homeowners in Independence experience a wide range of tax obligations, reflecting the diverse property values within the city.
Average Independence Tax Bill
$237
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Independence, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64050 | $37 | $40 | $51 | $80 | $214 |
| 64052 | $44 | $68 | $149 | $455 | $611 |
| 64053 | $229 | $229 | $229 | $229 | $229 |
| 64054 | $23 | $38 | $69 | $245 | $839 |
| 64055 | $36 | $60 | $442 | $1,044 | $1,579 |
| 64056 | $226 | $518 | $878 | $1,135 | $1,242 |
| 64057 | $57 | $102 | $179 | $589 | $832 |
| 64058 | $159 | $295 | $523 | $750 | $886 |
Source: Ownwell