Tolona, Missouri Property Taxes
The median property tax rate in Tolona, MO is 0.83%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $58,500 in Tolona, the typical annual property tax bill amounts to $485, significantly below the national median of $2,690. Property taxes in Tolona are calculated based on the assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Tolona'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 Tolona or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Tolona, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$486
Ownwell’s Tolona Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tolona with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tolona 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 Tolona, Missouri
Property taxes in Tolona, Missouri, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Tolona is 0.83%, which is lower than the U.S. national median of 0.99%. Local government entities within Tolona set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tolona 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 Tolona's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 63452 has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these cities compare with Tolona 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 Tolona Tax Rate
0.83%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Tolona, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63452 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Tolona, Missouri
In Tolona, 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's Office 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 Tolona, 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 Tolona helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Tolona are both $485, found in the 63452 zip code.
Average Tolona Assessed Value
$58,500
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 Tolona, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63452 | $58,500 | $58,500 | $58,500 | $58,500 | $58,500 |
Source: Ownwell
Property Tax Bills Across Tolona, Missouri
In Tolona, 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. Factors such as the property's location, size, and improvements can influence its assessed value. For homeowners in Tolona, the median home price stands at $58,500. The median property tax bill is consistent at $485, which is significantly lower than the national median property tax rate of 0.99%. This means homeowners in Tolona benefit from relatively low property taxes, making it an attractive location for property investment. The uniformity in tax bills, with the 25th, 75th, and 90th percentiles all at $485, indicates a stable and predictable tax environment. This stability can provide homeowners with a sense of financial security, knowing their tax obligations are unlikely to fluctuate dramatically year over year.
Average Tolona Tax Bill
$485
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Tolona, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63452 | $485 | $485 | $485 | $485 | $485 |
Source: Ownwell