Gibbs, Missouri Property Taxes
The median property tax rate in Gibbs, MO is 0.87%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Gibbs, the typical annual property tax bill amounts to $297, significantly below the national median of $2,690. Property taxes in Gibbs are calculated based on the assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Gibbs'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 Gibbs or another part of Adair County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gibbs, 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 Gibbs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gibbs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gibbs 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 Gibbs, Missouri
Property taxes in Gibbs, Missouri, are essential for funding crucial local services, including public schools, road maintenance, and emergency services. The median tax rate in Gibbs is 0.87%, which is lower than the U.S. national median of 0.99%. Local government entities within Gibbs set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gibbs 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 Gibbs's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63540 zip code has the highest median property tax rate of 0.87%, while the same zip code also has the lowest median tax rate of 0.87%. Understanding how these cities compare with Gibbs provides valuable insights into the varying tax landscape across Adair County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gibbs Tax Rate
0.87%
Average Adair County Tax Rate
1.16%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gibbs, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63540 | 0.61% | 0.66% | 0.87% | 1.13% | 1.86% |
Source: Ownwell
Property Tax Assessment Values Across Gibbs, Missouri
In Gibbs, 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 Adair 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 Gibbs, 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 Gibbs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Gibbs, the zip code with the highest median tax bill is 63540, amounting to $297.00, while the lowest median tax bill also occurs in the same zip code.
Average Gibbs Assessed Value
$28,790
Average Adair County Assessed Value
$82,060
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gibbs, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63540 | $5,654 | $14,492 | $28,790 | $101,558 | $189,725 |
Source: Ownwell
Property Tax Bills Across Gibbs, Missouri
In Gibbs, located in Adair County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is derived from the market value of the property, which is then multiplied by the local assessment ratio. This ratio varies, but it typically represents a percentage of the market value. Once the assessed value is determined, the local tax rate is applied to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, its assessed value, and the local tax rate. For instance, in Gibbs, the median home price is $28,790. Tax bills in the 25th percentile are around $146, while those in the 75th percentile can reach up to $948. At the higher end, the 90th percentile tax bill is approximately $1,764. These variations significantly impact homeowners, as higher property values and tax rates result in higher tax bills. By understanding these factors, homeowners can better anticipate their annual property tax obligations.
Average Gibbs Tax Bill
$297
Average Adair County Tax Bill
$893
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Gibbs, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63540 | $80 | $146 | $297 | $948 | $1,764 |
Source: Ownwell