Morehouse, Missouri Property Taxes
The median property tax rate in Morehouse, MO is 1.08%, which is higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With a median home value of $25,700 in Morehouse, the typical annual property tax bill amounts to $279, significantly less than the national median of $2,690. Property taxes in Morehouse are determined based on the assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Navigating Morehouse's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you reside in the heart of Morehouse or its surrounding areas, understanding the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Morehouse, 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 Morehouse Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Morehouse with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morehouse 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 Morehouse, Missouri
Property taxes in Morehouse, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Morehouse is 1.08%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Morehouse set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morehouse 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 Morehouse's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 63868 has both the highest and lowest median property tax rate of 1.08%. Understanding how these cities compare with Morehouse 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 Morehouse Tax Rate
1.08%
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 Morehouse, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63868 | 1.07% | 1.08% | 1.08% | 1.09% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Morehouse, Missouri
In Morehouse, 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 Morehouse, 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 Morehouse helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 63868, at $279, which is also the lowest median tax bill in the area.
Average Morehouse Assessed Value
$25,700
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 Morehouse, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63868 | $9,440 | $17,300 | $25,700 | $41,550 | $53,950 |
Source: Ownwell
Property Tax Bills Across Morehouse, Missouri
In Morehouse, New Madrid County, MO, property tax bills are determined primarily by the assessed value of a home and the local tax rate. The assessed value is a percentage of the property's market value, which is then multiplied by the local tax rate to calculate the tax bill. Homeowners in Morehouse can expect a median home price of $25,700. The property tax bill can vary significantly. For example, at the 25th percentile, homeowners pay around $188, while at the 75th percentile, the tax bill rises to $451. The highest tax bills, at the 90th percentile, reach up to $588. These figures are considerably lower than the national median property tax rate of 0.99%, making Morehouse an affordable location for property taxes. Understanding these factors helps homeowners anticipate their annual tax obligations and manage their finances more effectively. Lower property taxes can also make homeownership more accessible and appealing in this region.
Average Morehouse Tax Bill
$279
Average New Madrid County Tax Bill
$513
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Morehouse, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63868 | $102 | $188 | $279 | $451 | $588 |
Source: Ownwell