Polo, Missouri Property Taxes
The median property tax rate in Polo, MO is 1.18%, slightly higher than the national median of 0.99% but just below the Missouri state median of 1.20%. With the median home value in Polo at $127,975, the typical annual property tax bill comes to $1,417, which is lower than the national median of $2,690. Property taxes in Polo are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Polo'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 Polo 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
Polo, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,510
Ownwell’s Polo Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Polo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Polo 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 Polo, Missouri
Property taxes in Polo, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Polo is 1.18%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Polo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Polo 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 Polo's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64671 zip code has the highest median property tax rate of 1.18%, while the 64671 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Polo provides valuable insights into the varying tax landscape across Ray County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Polo Tax Rate
1.18%
Average Ray County Tax Rate
1.35%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Polo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64671 | 1.00% | 1.10% | 1.18% | 1.25% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Polo, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Polo, 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 Ray 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 Polo, 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 Polo is $127,975, with property tax bills ranging from $945 at the 25th percentile to $2,894 at the 90th percentile. The zip code 64671 has the highest and lowest median tax bill of $1,417. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Polo Assessed Value
$127,975
Average Ray County Assessed Value
$105,860
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Polo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64671 | $35,418 | $83,118 | $127,975 | $186,040 | $236,300 |
Source: Ownwell
Property Tax Bills Across Polo, Missouri
Property tax bills in Polo, Ray County, Missouri, are determined by the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, which is determined by the county assessor. In Ray County, the assessed value is typically a fraction of the market value, ensuring that homeowners do not pay taxes on the full market price of their property. The local tax rate, also known as the mill rate, is applied to the assessed value to calculate the annual property tax bill. Various factors such as property improvements, neighborhood changes, and market conditions can influence the assessed value, thereby affecting the tax bill. For instance, with a median home price of $127,975 in Polo, the property tax bills range significantly, with the 25th percentile at $945 and the 75th percentile at $2,151. This variation highlights how different property values and local tax rates impact homeowners, making it essential for residents to stay informed about their property assessments and tax obligations.
Average Polo Tax Bill
$1,417
Average Ray County Tax Bill
$1,429
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Polo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64671 | $386 | $945 | $1,417 | $2,151 | $2,894 |
Source: Ownwell