Mexico, Missouri Property Taxes
The median property tax rate in Mexico, MO is 1.24%, slightly higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Mexico at $46,410, the typical annual property tax bill reaches $506, which is below the national median of $2,690. Property taxes in Mexico 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 Mexico'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 Mexico or another part of Audrain County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mexico, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.24%
Estimate Property Tax Bill
$575
Ownwell’s Mexico Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mexico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mexico 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 Mexico, Missouri
Property taxes in Mexico, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mexico is 1.24%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Mexico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mexico 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 Mexico's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65265 zip code has the highest median property tax rate of 1.24%, while the 65265 zip code also has the lowest median tax rate of 1.24%. Understanding how these cities compare with Mexico provides valuable insights into the varying tax landscape across Audrain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mexico Tax Rate
1.24%
Average Audrain County Tax Rate
1.20%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mexico, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65265 | 0.83% | 1.07% | 1.24% | 1.30% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Mexico, Missouri
In Mexico, 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 Audrain 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. 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 Mexico 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 65265, at $506, while the lowest is also 65265, at $506.
Average Mexico Assessed Value
$46,410
Average Audrain County Assessed Value
$51,626
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mexico, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65265 | $12,430 | $23,292 | $46,410 | $75,732 | $115,346 |
Source: Ownwell
Property Tax Bills Across Mexico, Missouri
In Mexico, located in Audrain County, MO, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The assessment rate in Missouri is generally 19% for residential properties. For instance, with a median home price of $46,410, the assessed value would be approximately $8,818. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors contribute to the final tax bill, including the local tax rate and any applicable exemptions or deductions. In Mexico, the property tax bills can vary significantly, with the 25th percentile tax bill at $284 and the 75th percentile at $895. The 90th percentile tax bill can reach up to $1,290, indicating a wide range of property values and tax burdens within the community. Compared to the national median property tax rate of 0.99%, Mexico's rates reflect the local economic conditions and property values, directly impacting homeowners' financial responsibilities.
Average Mexico Tax Bill
$506
Average Audrain County Tax Bill
$587
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Mexico, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65265 | $162 | $284 | $506 | $895 | $1,290 |
Source: Ownwell