Thompson, Missouri Property Taxes
The median property tax rate in Thompson, MO is 1.15%, which is higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Thompson at $57,690, the typical annual property tax bill reaches $604, falling below the national median of $2,690. Property taxes in Thompson are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Thompson'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 Thompson 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
Thompson, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.15%
Estimate Property Tax Bill
$663
Ownwell’s Thompson Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thompson with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thompson 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 Thompson, Missouri
Property taxes in Thompson, Missouri, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Thompson is 0.92%, which is lower than both the Missouri state median of 1.02% and the U.S. national median of 0.99%. Local government entities within Thompson set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thompson 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 Thompson's effective property tax rate to other counties in Missouri and the national median. For comparison, the highest median property tax rate in Missouri is found in 63005 with a rate of 1.21%, while the lowest median tax rate is in 65010 with a rate of 0.65%. Understanding how these cities compare with Thompson 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 Thompson Tax Rate
1.15%
Average Audrain County Tax Rate
1.20%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thompson, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65285 | 0.82% | 0.99% | 1.15% | 1.20% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Thompson, Missouri
In Thompson, 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 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 Thompson, 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 Thompson 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 65285 at $604, while the lowest is also 65285 at $604.
Average Thompson Assessed Value
$57,690
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 Thompson, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65285 | $23,032 | $33,168 | $57,690 | $88,178 | $143,044 |
Source: Ownwell
Property Tax Bills Across Thompson, Missouri
In Thompson, Audrain County, MO, property tax bills are calculated based on the assessed value of your home. The assessed value is a percentage of the market value, determined by local tax assessors. Homeowners in Thompson can expect their property tax bills to vary significantly, with the 25th percentile paying around $327 and the 75th percentile facing bills up to $945. At the higher end, the 90th percentile sees tax bills reaching $1683. These figures are influenced by various factors, including property size, location, and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Thompson's tax rates can be quite variable but generally align with regional norms. For homeowners, understanding these factors is crucial as they directly impact annual financial planning and long-term investment in property. The highest and lowest median tax bills in Thompson are both recorded at $604, indicating a relatively stable tax environment within the zip code 65285.
Average Thompson Tax Bill
$604
Average Audrain County Tax Bill
$587
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Thompson, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65285 | $256 | $327 | $604 | $945 | $1,683 |
Source: Ownwell