Suwanee, Missouri Property Taxes
The median property tax rate in Suwanee, MO is 3.01%, significantly higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Suwanee, the typical annual property tax bill reaches $36, far exceeding the national median of $2,690. Property taxes in Suwanee 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 Suwanee'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 Suwanee 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
Suwanee, 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 Suwanee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Suwanee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Suwanee 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 Morgan County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Suwanee, Missouri
Property taxes in Suwanee, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Suwanee is 3.01%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Suwanee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Suwanee 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 Suwanee's effective property tax rate to other counties in Missouri and the national median. For comparison, the 30024 zip code has the highest median property tax rate of 3.01%, while the same zip code also has the lowest median tax rate of 3.01%. Understanding how these areas compare with Suwanee 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 Suwanee Tax Rate
3.01%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Suwanee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30024 | 3.01% | 3.01% | 3.01% | 3.01% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Suwanee, Missouri
In Suwanee, 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 Suwanee, 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 Suwanee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Suwanee Assessed Value
$1,200
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 Suwanee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30024 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 |
Source: Ownwell
Property Tax Bills Across Suwanee, Missouri
In Suwanee, 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 local tax rate is then applied to this assessed value to determine the final tax bill. For instance, with the median home price at $1,200, homeowners can expect their property tax bill to be around $36. This is significantly lower than the national median property tax rate of 0.99%. Factors such as the property's location, size, and condition influence its market value, which in turn affects the assessed value. Additionally, local tax rates and any applicable exemptions or deductions also play a role in determining the final tax bill. The lower property tax rates in Suwanee provide a financial advantage for homeowners, making it a more affordable place to live compared to other regions with higher tax rates. This can be particularly beneficial for those on a fixed income or looking to maximize their investment in real estate.
Average Suwanee Tax Bill
$36
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Suwanee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 30024 | $36 | $36 | $36 | $36 | $36 |
Source: Ownwell