Parkville, Missouri Property Taxes
The median property tax rate in Parkville, MO is 0.90%, which is lower than both the national median of 0.99% and Missouri's state median of 1.20%. With a median home value of $84,500 in Parkville, the typical annual property tax bill amounts to $764, significantly below the national median of $2,690. Property taxes in Parkville are based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Parkville's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners can achieve substantial annual savings. Whether you're in the heart of Parkville or another part of the city, gaining insight into the local property tax framework will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parkville, 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 Parkville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Parkville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Parkville 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 Parkville, Missouri
Property taxes in Parkville, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parkville is 0.90%, which is slightly below the U.S. national median of 0.99%. Local government entities within Parkville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parkville 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 Parkville's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 64152 has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these areas compare with Parkville 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 Parkville Tax Rate
0.90%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parkville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64152 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
Source: Ownwell
Property Tax Assessment Values Across Parkville, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Parkville, Missouri. 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 Parkville, 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 Parkville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 64152 has both the highest and lowest median tax bills at $764.
Average Parkville Assessed Value
$84,500
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 Parkville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64152 | $84,500 | $84,500 | $84,500 | $84,500 | $84,500 |
Source: Ownwell
Property Tax Bills Across Parkville, Missouri
In Parkville, property tax bills are calculated based on the assessed value of a property. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For homeowners in Parkville, the median home price is $84,500. The tax rate in Parkville is aligned with the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the property's location, size, and any applicable exemptions. For instance, homeowners in the zip code 64152 experience a median tax bill of $764, which is consistent across the 25th, 75th, and 90th percentiles. This uniformity indicates a stable tax environment for residents. The property tax bill directly impacts homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated helps homeowners budget effectively and ensures they are aware of the contributions they make towards their community's development and maintenance.
Average Parkville Tax Bill
$764
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Parkville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64152 | $764 | $764 | $764 | $764 | $764 |
Source: Ownwell