Kewanee, Missouri Property Taxes
The median property tax rate in Kewanee, MO is 0.86%, 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 $49,100 in Kewanee, the typical annual property tax bill is approximately $419, significantly below the national median of $2,690. Property taxes in Kewanee are determined based on the tax assessed value, often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By understanding Kewanee's property tax system, homeowners and real estate investors can explore available exemptions and identify opportunities for tax reductions, leading to substantial annual savings. Whether you reside in the heart of Kewanee or its surrounding areas, gaining insights into the local property tax system is crucial for maximizing your financial benefits.
Last Updated June 14, 2024
Kewanee, 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 Kewanee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kewanee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kewanee 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 Kewanee, Missouri
Property taxes in Kewanee, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kewanee is 0.86%, which is lower than the U.S. national median of 0.99%. Local government entities within Kewanee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kewanee 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 Kewanee's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 63860 has both the highest and lowest median property tax rate of 0.86%. Understanding how these areas compare with Kewanee provides valuable insights into the varying tax landscape across New Madrid County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Kewanee Tax Rate
0.86%
Average New Madrid County Tax Rate
0.94%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kewanee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63860 | 0.85% | 0.85% | 0.86% | 0.86% | 0.86% |
Source: Ownwell
Property Tax Assessment Values Across Kewanee, Missouri
In Kewanee, 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 New Madrid 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 Kewanee, 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 Kewanee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code with the highest median tax bill is 63860, with a value of $419.
Average Kewanee Assessed Value
$49,100
Average New Madrid County Assessed Value
$54,200
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Kewanee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63860 | $29,550 | $37,675 | $49,100 | $75,675 | $123,350 |
Source: Ownwell
Property Tax Bills Across Kewanee, Missouri
In Kewanee, located in New Madrid County, MO, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Kewanee stands at $49,100. Property taxes are then determined by applying the local tax rate to this assessed value. Several factors influence the final tax bill, including property size, location, and any applicable exemptions or deductions. For homeowners, this means that the tax bill can vary significantly. For instance, the 25th percentile tax bill is $323, while the 75th percentile reaches $648, and at the 90th percentile, it can be as high as $1,081. Comparatively, the highest median tax bill in the area is $419 in the 63860 zip code. These variations highlight how property taxes can impact homeowners' financial planning. Given the national median property tax rate of 0.99%, Kewanee's property tax rates reflect the region's economic landscape and housing market conditions.
Average Kewanee Tax Bill
$419
Average New Madrid County Tax Bill
$513
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Kewanee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63860 | $252 | $323 | $419 | $648 | $1,081 |
Source: Ownwell