Cosby, Missouri Property Taxes
The median property tax rate in Cosby, Missouri is 1.09%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With the median home value in Cosby at $135,410, the typical annual property tax bill reaches $1,493, which is below the national median of $2,690. Property taxes in Cosby are calculated based on the assessed value, which often falls below the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Cosby'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 Cosby or another part of Andrew County, grasping the local property tax intricacies will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cosby, 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 Cosby Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cosby with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cosby 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 Cosby, Missouri
Property taxes in Cosby, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cosby is 1.09%, which is higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Cosby set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cosby 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 Cosby's effective property tax rate to other counties in Missouri and the national median. For comparison, the ZIP code 64436 has both the highest and lowest median property tax rate of 1.09%. Understanding how these cities compare with Cosby provides valuable insights into the varying tax landscape across Andrew County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cosby Tax Rate
1.09%
Average Andrew County Tax Rate
1.22%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cosby, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64436 | 0.74% | 1.01% | 1.09% | 1.18% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Cosby, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Cosby, 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 Andrew 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 Cosby, 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 instance, the highest median tax bill in the area is $1,493 in the 64436 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cosby Assessed Value
$135,410
Average Andrew County Assessed Value
$108,235
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cosby, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64436 | $37,811 | $78,982 | $135,410 | $202,790 | $310,358 |
Source: Ownwell
Property Tax Bills Across Cosby, Missouri
Property tax bills in Cosby, located in Andrew County, Missouri, are calculated based on the assessed value of a property, which is a percentage of its market value. For homeowners in Cosby, the median home price is $135,410. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors such as property location, improvements, and market conditions can influence the assessed value. In Cosby, property tax bills can vary significantly. For instance, the tax bill at the 25th percentile is $811, while at the 75th percentile, it reaches $2,235. The 90th percentile tax bill is as high as $3,445. These variations highlight how different factors impact the final tax amount. Compared to the national median property tax rate of 0.99%, homeowners in Cosby might find their tax bills to be relatively affordable or burdensome depending on their specific property assessments. This system ensures that property taxes are proportionate to the property’s value, affecting homeowners by reflecting changes in real estate market trends.
Average Cosby Tax Bill
$1,493
Average Andrew County Tax Bill
$1,278
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Cosby, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64436 | $332 | $811 | $1,493 | $2,235 | $3,445 |
Source: Ownwell