Kodak, Missouri Property Taxes
The median property tax rate in Kodak, MO is 3.20%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Kodak, the typical annual property tax bill reaches $35, which is significantly lower than the national median of $2,690. Property taxes in Kodak are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Kodak'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 Kodak 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
Kodak, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.2%
Estimate Property Tax Bill
$35
Ownwell’s Kodak Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Kodak with ease. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Kodak to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities, ensuring you are well-prepared for any financial obligations. For those interested in more granular insights, scroll down to explore trends at the neighborhood level. Remember, your property’s assessed value is determined by the county for tax purposes and includes any applicable exemptions.
Property Tax Rates Across Kodak, Missouri
Property taxes in Kodak, Missouri, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Kodak is 3.20%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Kodak set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kodak 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 Kodak's effective property tax rate to other counties in Missouri and the national median. For comparison, the highest median property tax rate in the region is 3.20%, while other areas may have different rates. Understanding how these cities compare with Kodak 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 Kodak Tax Rate
3.20%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kodak, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Kodak, Missouri
In Kodak, 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 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 Kodak, 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 Kodak helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kodak Assessed Value
$1,100
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 Kodak, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Kodak, Missouri
In Kodak, Morgan County, MO, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is a percentage of the market value of the property, determined by the county assessor. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For homeowners in Kodak, the median home price stands at $1,100, significantly lower than the national median. The tax bills in Kodak are relatively consistent, with the 25th, 75th, and 90th percentiles all at $35. This consistency indicates a uniform application of property tax rates across different property values within the area. Comparatively, the national median property tax rate is 0.99%, which suggests that Kodak homeowners benefit from lower property tax rates. These lower rates can make homeownership more affordable, reducing the financial burden on residents and potentially contributing to a higher rate of homeownership in the region.
Average Kodak Tax Bill
$35
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Kodak, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell