Monroe City, Missouri Property Taxes
The median property tax rate in Monroe City, MO is 1.06%, 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 Monroe City at $85,010, the typical annual property tax bill amounts to $894, which is significantly below the national median of $2,690. Property taxes in Monroe City are calculated based on the assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Monroe City'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 Monroe City or another part of Ralls County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Monroe City, 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 Monroe City Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Monroe City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe City 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 Ralls County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Monroe City, Missouri
Property taxes in Monroe City, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe City is 1.06%, significantly higher than the U.S. national median of 0.99%. Local government entities within Monroe City set these rates annually, and they can vary across different neighborhoods. Each year, Monroe City 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 Monroe City's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63456 zip code has both the highest and lowest median property tax rate of 1.06%. Understanding how these cities compare with Monroe City provides valuable insights into the varying tax landscape across Ralls County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe City Tax Rate
1.06%
Average Ralls County Tax Rate
0.98%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63456 | 0.99% | 1.06% | 1.06% | 1.06% | 1.06% |
Source: Ownwell
Property Tax Assessment Values Across Monroe City, Missouri
In Monroe City, 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 Ralls 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 Monroe City, 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 Monroe City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 63456 has both the highest and lowest median tax bill, which is $894.
Average Monroe City Assessed Value
$85,010
Average Ralls County Assessed Value
$94,330
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63456 | $53,904 | $61,800 | $85,010 | $132,250 | $188,830 |
Source: Ownwell
Property Tax Bills Across Monroe City, Missouri
In Monroe City, located in Ralls County, MO, property tax bills are calculated based on the assessed value of a property and the local tax rate. Homeowners should note that the assessed value is a percentage of the property's market value, which is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $85,010, the property tax rate is applied to this assessed value to calculate the tax owed. Several factors influence the tax bill, including property size, location, and any applicable exemptions. Homeowners in Monroe City can expect a range in their tax bills, with the 25th percentile at $652 and the 75th percentile at $1,387. Those at the higher end, in the 90th percentile, see tax bills around $1,988. Comparatively, the national median property tax rate is 0.99%, making Monroe City's rates relatively moderate. These taxes are crucial for funding local services, impacting homeowners by contributing to community amenities and infrastructure.
Average Monroe City Tax Bill
$894
Average Ralls County Tax Bill
$888
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63456 | $560 | $652 | $894 | $1,387 | $1,988 |
Source: Ownwell