Lynchburg, Missouri Property Taxes
The median property tax rate in Lynchburg, MO is 0.58%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Lynchburg, the typical annual property tax bill reaches $408, well below the national median of $2,690. Property taxes in Lynchburg are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lynchburg'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 Lynchburg 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
Lynchburg, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.58%
Estimate Property Tax Bill
$412
Ownwell’s Lynchburg Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and prospective buyers aiming to estimate their annual property taxes in Lynchburg. By simply entering your property's estimated assessed value, the calculator uses the median tax rate specific to Lynchburg to provide a precise estimate of your property tax bill. This valuable insight helps you understand potential tax liabilities and plan your finances accordingly. For those interested in more detailed trends at a neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Lynchburg, Missouri
Property taxes in Lynchburg, Missouri, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Lynchburg is 0.58%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Lynchburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lynchburg 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 Lynchburg's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65543 zip code has both the highest and lowest median property tax rate of 0.58%. Understanding how these cities compare with Lynchburg provides valuable insights into the varying tax landscape across Wright County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lynchburg Tax Rate
0.58%
Average Wright County Tax Rate
0.60%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lynchburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65543 | 0.57% | 0.57% | 0.58% | 0.62% | 0.66% |
Source: Ownwell
Property Tax Assessment Values Across Lynchburg, Missouri
In Lynchburg, 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 Wright 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. Assessment notices in Lynchburg 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 Lynchburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Lynchburg is $71,105, with tax bills ranging from $188 at the 25th percentile to $963 at the 90th percentile. The zip code with the highest median tax bill is 65543, with a value of $408.
Average Lynchburg Assessed Value
$71,105
Average Wright County Assessed Value
$57,736
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lynchburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65543 | $17,847 | $29,631 | $71,105 | $109,881 | $170,120 |
Source: Ownwell
Property Tax Bills Across Lynchburg, Missouri
In Lynchburg, Wright County, MO, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. This assessed value is then multiplied by the local tax rate to determine your annual tax bill. The median home price in Lynchburg is $71,105. Homeowners in the 25th percentile pay around $188 annually, while those in the 75th percentile see bills closer to $656. The highest median tax bill in the area is $408, found in the 65543 zip code. Several factors influence your property tax bill, including the market value of your home, local tax rates, and any applicable exemptions. Higher property values and tax rates result in higher tax bills, which can significantly affect homeowners' finances. Compared to the national median property tax rate of 0.99%, Lynchburg's rates offer a relatively affordable option for residents, ensuring that property taxes remain manageable for most homeowners.
Average Lynchburg Tax Bill
$408
Average Wright County Tax Bill
$358
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lynchburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65543 | $111 | $188 | $408 | $656 | $963 |
Source: Ownwell