Gatewood, Missouri Property Taxes
The median property tax rate in Gatewood, MO is 0.85%, which is notably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Gatewood at $45,100, the typical annual property tax bill comes to $401, significantly less than the national median of $2,690. Property taxes in Gatewood are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Gatewood'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 Gatewood 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
Gatewood, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$383
Ownwell’s GATEWOOD Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in GATEWOOD with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in GATEWOOD 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 Gatewood, Missouri
Property taxes in Gatewood, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gatewood is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Gatewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gatewood 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 Gatewood's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63942 zip code has the highest median property tax rate of 0.85%, while the 63942 zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Gatewood provides valuable insights into the varying tax landscape across Oregon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gatewood Tax Rate
0.85%
Average Oregon County Tax Rate
0.77%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gatewood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63942 | 0.59% | 0.76% | 0.85% | 0.90% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Gatewood, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Gatewood, Missouri. 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 local 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 Gatewood, 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. For instance, the median home price in Gatewood is $45,100, with tax bills ranging from $247 at the 25th percentile to $693 at the 75th percentile, and up to $921 at the 90th percentile. The zip code with the highest and lowest median tax bill is 63942, both at $401. Being aware of these valuation processes in Gatewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gatewood Assessed Value
$45,100
Average Oregon County Assessed Value
$40,755
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gatewood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63942 | $16,558 | $30,220 | $45,100 | $82,330 | $115,388 |
Source: Ownwell
Property Tax Bills Across Gatewood, Missouri
In Gatewood, located in Oregon County, MO, property tax bills are determined based on the assessed value of a property. The assessed value is a percentage of the market value of the home. For homeowners in Gatewood, the median home price is $45,100. The property tax rate in Gatewood is influenced by local government budgets and the needs of the community, which can vary annually. Several factors are considered when calculating the tax bill, including the property's assessed value, applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Gatewood can expect a range of tax bills. For instance, at the 25th percentile, tax bills are around $247, while at the 75th percentile, they reach $693. At the 90th percentile, homeowners might see tax bills as high as $921. Compared to the national median property tax rate of 0.99%, Gatewood's property tax rate is relatively modest, providing some financial relief to homeowners. This can make homeownership more affordable and less burdensome in this region.
Average Gatewood Tax Bill
$401
Average Oregon County Tax Bill
$286
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Gatewood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63942 | $128 | $247 | $401 | $693 | $921 |
Source: Ownwell