Diamond, Missouri Property Taxes
The median property tax rate in Diamond, MO is 1.16%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With the median home value in Diamond at $65,200, the typical annual property tax bill amounts to $786, which is below the national median of $2,690. Property taxes in Diamond are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Diamond'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 Diamond or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Diamond, 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 DIAMOND Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in DIAMOND with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in DIAMOND 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 Diamond, Missouri
Property taxes in Diamond, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Diamond is 1.16%, which is higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Diamond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Diamond 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 Diamond's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64840 zip code has the highest median property tax rate of 1.16%, while the 64840 zip code also has the lowest median tax rate of 1.16%. Understanding how these cities compare with Diamond provides valuable insights into the varying tax landscape across Newton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Diamond Tax Rate
1.16%
Average Newton County Tax Rate
1.09%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Diamond, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64840 | 1.06% | 1.11% | 1.16% | 1.21% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Diamond, Missouri
In Diamond, 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 Newton 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 Diamond, 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. The median home price in Diamond is $65,200, with tax bills ranging from $479 at the 25th percentile to $1,422 at the 90th percentile. The zip code with the highest median tax bill is 64840, with a median tax bill of $786. 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 Diamond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Diamond Assessed Value
$65,200
Average Newton County Assessed Value
$71,800
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Diamond, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64840 | $21,460 | $40,800 | $65,200 | $95,400 | $124,120 |
Source: Ownwell
Property Tax Bills Across Diamond, Missouri
In Diamond, located in Newton County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For instance, if the median home price in Diamond is $65,200, the assessed value would be a fraction of this amount, depending on local assessment rates. Once the assessed value is established, the property tax rate is applied. In Diamond, the median property tax rate is in line with the national median of 0.99%. Homeowners in Diamond can expect their tax bills to vary significantly, with the 25th percentile tax bill around $479 and the 75th percentile reaching $1,080. The highest tax bills in the area can go up to $1,422. These property taxes fund essential local services such as schools, public safety, and infrastructure. For homeowners, understanding how their tax bill is calculated can help them anticipate annual costs and manage their financial planning more effectively.
Average Diamond Tax Bill
$786
Average Newton County Tax Bill
$791
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Diamond, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64840 | $265 | $479 | $786 | $1,080 | $1,422 |
Source: Ownwell