Solo, Missouri Property Taxes
The median property tax rate in SOLO, MO is 0.74%, which is notably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $74,300 in SOLO, the typical annual property tax bill amounts to $546, significantly below the national median of $2,690. Property taxes in SOLO are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Familiarizing yourself with SOLO'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 SOLO or another part of Texas County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Solo, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.74%
Estimate Property Tax Bill
$550
Ownwell’s SOLO Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in SOLO with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in SOLO 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 Solo, Missouri
Property taxes in SOLO, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in SOLO is 0.74%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within SOLO set these rates annually, and they can vary significantly across different neighborhoods. Each year, SOLO 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 SOLO's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65564 ZIP code has the highest median property tax rate of 0.74%, while the same ZIP code also has the lowest median tax rate of 0.74%. Understanding how these cities compare with SOLO provides valuable insights into the varying tax landscape across Texas County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Solo Tax Rate
0.74%
Average Texas County Tax Rate
0.70%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Solo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65564 | 0.68% | 0.72% | 0.74% | 0.77% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Solo, Missouri
In SOLO, 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 county's 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 SOLO, 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 SOLO helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 65564, while the lowest is also 65564, both at $546.
Average Solo Assessed Value
$74,300
Average Texas County Assessed Value
$74,330
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Solo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65564 | $23,390 | $44,030 | $74,300 | $128,670 | $161,210 |
Source: Ownwell
Property Tax Bills Across Solo, Missouri
In SOLO, Texas County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. This assessed value is a percentage of the home's market value. For instance, if the median home price in SOLO is $74,300, the assessed value would be a fraction of this amount, depending on state and local regulations. Once the assessed value is established, local tax rates are applied to calculate the tax bill. These rates can vary within the county, but they ultimately determine the financial obligation of homeowners. For example, tax bills in SOLO range significantly, with the 25th percentile at $337 and the 75th percentile reaching $947. The 90th percentile tax bill is $1,177, indicating that some homeowners may face higher payments. Property taxes directly impact homeowners by contributing to local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Solo Tax Bill
$546
Average Texas County Tax Bill
$521
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Solo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65564 | $188 | $337 | $546 | $947 | $1,177 |
Source: Ownwell