Mineral Point, Missouri Property Taxes
The median property tax rate in Mineral Point, MO is 0.91%, 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 $33,140 in Mineral Point, the typical annual property tax bill is approximately $303, significantly below the national median of $2,690. Property taxes in Mineral Point are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Mineral Point's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to considerable annual savings. Whether you're in the heart of Mineral Point or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mineral Point, 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 Mineral Point Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mineral Point with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mineral Point 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 Mineral Point, Missouri
Property taxes in Mineral Point, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mineral Point is 0.91%, which is lower than the U.S. national median of 0.99%. Local government entities within Mineral Point set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mineral Point 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 Mineral Point's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 63648 has the highest median property tax rate of 1.29%, while the zip code 63660 has the lowest median tax rate of 0.91%. Understanding how these cities compare with Mineral Point provides valuable insights into the varying tax landscape across Washington County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mineral Point Tax Rate
0.91%
Average Washington County Tax Rate
0.96%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mineral Point, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63648 | 1.29% | 1.29% | 1.29% | 1.29% | 1.29% |
| 63660 | 0.87% | 0.90% | 0.91% | 0.91% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Mineral Point, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Mineral Point, 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 Washington 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 Mineral Point, 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 example, the highest median tax bill in the area is $387 in zip code 63648, while the lowest is $303 in zip code 63660. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Mineral Point Assessed Value
$33,140
Average Washington County Assessed Value
$37,210
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mineral Point, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63648 | $30,080 | $30,080 | $30,080 | $30,080 | $30,080 |
| 63660 | $11,163 | $18,472 | $33,200 | $62,790 | $110,180 |
Source: Ownwell
Property Tax Bills Across Mineral Point, Missouri
In Mineral Point, Washington County, MO, property tax bills are calculated based on the assessed value of a home, which is determined as a percentage of its market value. For homeowners, the median home price stands at $33,140, with tax bills varying significantly across different percentiles. At the 25th percentile, homeowners can expect a tax bill around $173, while those at the 75th percentile face a tax bill of approximately $578. For homes at the 90th percentile, tax bills can reach up to $1,028. Factors such as property location within specific zip codes also influence the tax amount. For instance, the highest median tax bill in the area is $387 in zip code 63648, whereas the lowest is $303 in zip code 63660. These tax rates and bills can significantly impact homeowners' annual expenses, making it crucial for them to understand how their property is assessed and the resulting tax obligations. This regional variation contrasts with the national median property tax rate of 0.99%, highlighting the importance of local tax regulations.
Average Mineral Point Tax Bill
$303
Average Washington County Tax Bill
$361
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Mineral Point, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63648 | $387 | $387 | $387 | $387 | $387 |
| 63660 | $105 | $173 | $303 | $579 | $1,030 |
Source: Ownwell