Lenox, Missouri Property Taxes
The median property tax rate in Lenox, MO is 0.63%, significantly lower than both the national median of 0.99% and Missouri's state median of 1.20%. With a median home value of $36,725 in Lenox, the typical annual property tax bill amounts to $233, which is well below the national median of $2,690. Property taxes in Lenox are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lenox'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 Lenox 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
Lenox, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$231
Ownwell’s Lenox Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lenox with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lenox 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 Lenox, Missouri
Property taxes in Lenox, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lenox is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Lenox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lenox 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. For comparison, the zip code 65541 has both the highest and lowest median property tax rate of 0.63%, reflecting a uniformity in tax rates within the area. Understanding how these cities compare with Lenox provides valuable insights into the varying tax landscape across Phelps County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lenox Tax Rate
0.63%
Average Phelps County Tax Rate
0.98%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lenox, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65541 | 0.63% | 0.63% | 0.63% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Lenox, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Lenox, 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 Phelps 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 Lenox, 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 Lenox helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 65541 in Lenox has both the highest and lowest median tax bills, each at $233.
Average Lenox Assessed Value
$36,725
Average Phelps County Assessed Value
$106,880
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lenox, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65541 | $34,881 | $35,572 | $36,725 | $37,878 | $38,569 |
Source: Ownwell
Property Tax Bills Across Lenox, Missouri
In Lenox, Missouri, property tax bills are calculated by multiplying the assessed value of a home by the local tax rate. The assessed value is a percentage of the market value of the property, which is determined by the county assessor. Homeowners in Lenox see property tax bills that vary based on factors such as the property's location, size, and condition. The median home price in Lenox is $36,725, and property tax bills range from $224 at the 25th percentile to $248 at the 90th percentile. This means that most homeowners in Lenox pay relatively low property taxes compared to the national median property tax rate of 0.99%. For instance, the highest median tax bill in Lenox's zip code 65541 is $233. These low property tax rates can make homeownership more affordable, allowing residents to benefit from lower annual expenses. However, it's essential for homeowners to stay informed about any changes in assessment practices or tax rates, as these can impact their overall tax burden.
Average Lenox Tax Bill
$233
Average Phelps County Tax Bill
$1,009
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lenox, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65541 | $218 | $224 | $233 | $242 | $248 |
Source: Ownwell