Oswego, Missouri Property Taxes
The median property tax rate in Oswego, MO is 1.31%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Oswego, the typical annual property tax bill reaches $80, which is significantly lower than the national median of $2,690. Property taxes in Oswego 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 Oswego'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 Oswego 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
Oswego, 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 Oswego Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Oswego with just two simple inputs. Enter your property's estimated assessed value, and the calculator will use the median tax rate in Oswego to provide an estimated property tax bill. This valuable tool offers a clear understanding of potential tax liabilities. For those interested in more granular insights, localized trends are available further down the page. Your property’s assessed value, determined by the county, is crucial for property tax calculations and includes any applicable exemptions.
Property Tax Rates Across Oswego, Missouri
Property taxes in Oswego, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Oswego is 1.31%, significantly higher than the U.S. national median of 0.99%. Local government entities within Oswego set these rates annually, and they can vary significantly across different neighborhoods. Each year, Oswego 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 Oswego's effective property tax rate to other regions in Missouri and the national median. For comparison, the 60543 zip code has the highest median property tax rate of 1.31%, while the same zip code also has the lowest median tax rate of 1.31%. Understanding how these areas compare with Oswego 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 Oswego Tax Rate
1.31%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Oswego, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60543 | 1.31% | 1.31% | 1.31% | 1.31% | 1.31% |
Source: Ownwell
Property Tax Assessment Values Across Oswego, Missouri
In Oswego, 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 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 Oswego, 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 Oswego helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $6,100, with tax bills ranging from $80 at the 25th percentile to $80 at the 90th percentile, reflecting a consistent tax burden throughout the community.
Average Oswego Assessed Value
$6,100
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 Oswego, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60543 | $6,100 | $6,100 | $6,100 | $6,100 | $6,100 |
Source: Ownwell
Property Tax Bills Across Oswego, Missouri
In Oswego, Morgan County, MO, property tax bills are calculated based on the assessed value of the home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For homeowners in Oswego, the median home price is $6,100. The property tax rate is applied to this assessed value to determine the tax bill. Factors that influence the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. In Oswego, the tax bills are relatively consistent, with the 25th, 75th, and 90th percentiles all at $80. This uniformity suggests a stable tax environment, which can provide predictability for homeowners. Compared to the national median property tax rate of 0.99%, Oswego's property taxes are significantly lower, making it an attractive location for homeowners seeking affordability. The lower tax burden can positively impact homeowners by reducing their overall housing costs, allowing for more financial flexibility.
Average Oswego Tax Bill
$80
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Oswego, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60543 | $80 | $80 | $80 | $80 | $80 |
Source: Ownwell