Lilbourn, Missouri Property Taxes
The median property tax rate in Lilbourn, MO is 1.09%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With a median home value of $44,200 in Lilbourn, the typical annual property tax bill amounts to $481, significantly below the national median of $2,690. Property taxes in Lilbourn are calculated based on the tax assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lilbourn's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Lilbourn or another part of New Madrid County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lilbourn, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$482
Ownwell’s Lilbourn Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lilbourn with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lilbourn to provide an accurate property tax bill estimate. This valuable tool helps you understand your potential tax liabilities. For those interested in more localized insights, additional neighborhood-level information is available below. Your property's assessed value is determined by the county for property tax purposes, and it takes into account any applicable exemptions.
Property Tax Rates Across Lilbourn, Missouri
Property taxes in Lilbourn, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lilbourn is 1.09%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Lilbourn set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lilbourn 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 Lilbourn's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63862 zip code has the highest median property tax rate of 1.09%, while the 63862 zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Lilbourn 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 Lilbourn Tax Rate
1.09%
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 Lilbourn, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63862 | 0.87% | 1.08% | 1.09% | 1.10% | 1.15% |
Source: Ownwell
Property Tax Assessment Values Across Lilbourn, Missouri
In Lilbourn, 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 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 Lilbourn, 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 Lilbourn helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lilbourn is $44,200, with median tax bills ranging from $304 at the 25th percentile to $971 at the 90th percentile.
Average Lilbourn Assessed Value
$44,200
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 Lilbourn, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63862 | $12,700 | $28,250 | $44,200 | $65,400 | $91,540 |
Source: Ownwell
Property Tax Bills Across Lilbourn, Missouri
In Lilbourn, located in New Madrid County, MO, property tax bills are calculated based on the assessed value of a home and the local tax rate. The assessed value is typically a percentage of the market value of the property. For example, if the median home price in Lilbourn is $44,200, the assessed value is determined by the county's assessment ratio. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. In Lilbourn, property tax bills can vary significantly. For instance, homeowners in the 25th percentile might pay around $304 annually, while those in the 75th percentile could see bills as high as $680. The highest median tax bill recorded in the area is $481, which is notably lower than the national median property tax rate of 0.99%. Understanding these factors helps homeowners anticipate their tax obligations and manage their finances effectively.
Average Lilbourn Tax Bill
$481
Average New Madrid County Tax Bill
$513
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lilbourn, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63862 | $136 | $304 | $481 | $680 | $971 |
Source: Ownwell