Galt, Missouri Property Taxes
The median property tax rate in Galt, MO is 0.42%, significantly lower than both the national median of 0.99% and Missouri's state median of 1.20%. With a median home value in Galt of $29,858, the typical annual property tax bill is around $125, far below the national median of $2,690. Property taxes in Galt are based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural land. Gaining a thorough understanding of Galt's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether you're in the heart of Galt or another part of Sullivan County, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Galt, 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 Galt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galt 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 Galt, Missouri
Property taxes in Galt, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galt is 0.42%, lower than the U.S. national median of 0.99%. Local government entities within Galt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galt 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 Galt's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64641 zip code has the highest median property tax rate of 0.42%, while the same zip code also has the lowest median tax rate of 0.42%. Understanding how these cities compare with Galt provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galt Tax Rate
0.42%
Average Sullivan County Tax Rate
0.37%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galt, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64641 | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Galt, Missouri
In Galt, 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 Sullivan 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 Galt, 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. For example, the median home price in Galt is $29,858. Homeowners in the 64641 zip code see the highest and lowest median tax bills, both at $125. 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 Galt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Galt Assessed Value
$29,858
Average Sullivan County Assessed Value
$82,754
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galt, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64641 | $4,691 | $7,980 | $29,858 | $38,698 | $71,039 |
Source: Ownwell
Property Tax Bills Across Galt, Missouri
In Galt, Sullivan County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and is typically a percentage of the property's market value. For example, with a median home price of $29,858, the assessed value would be a fraction of this amount. The tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, its assessed value, and the local tax rate. In Galt, the tax bills can vary significantly, with the 25th percentile tax bill at $33 and the 90th percentile reaching up to $296. For homeowners, this means that understanding the assessed value of their property and the applicable tax rate is crucial for budgeting and financial planning. Compared to the national median property tax rate of 0.99%, Galt's property taxes can be relatively low, offering some financial relief to homeowners in the area.
Average Galt Tax Bill
$125
Average Sullivan County Tax Bill
$330
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Galt, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64641 | $20 | $33 | $125 | $195 | $296 |
Source: Ownwell