Galena, Missouri Property Taxes
The median property tax rate in Galena, MO is 0.89%, which is lower than both the national median of 0.99% and Missouri's state median of 1.20%. With a median home value of $54,200 in Galena, the typical annual property tax bill amounts to $417, significantly less than the national median of $2,690. Property taxes in Galena are based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Galena'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 Galena or another part of Barry County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Galena, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$482
Ownwell’s Galena Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galena with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galena 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 Galena, Missouri
Property taxes in Galena, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galena is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Galena set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galena 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 Galena's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 65656 has both the highest and lowest median property tax rate of 0.89%. Understanding how these areas compare with Galena provides valuable insights into the varying tax landscape across Barry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galena Tax Rate
0.89%
Average Barry County Tax Rate
0.86%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galena, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65656 | 0.71% | 0.80% | 0.89% | 0.93% | 0.95% |
Source: Ownwell
Property Tax Assessment Values Across Galena, Missouri
In Galena, 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 Barry 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. In Galena, 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 Galena helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Galena stands at $54,200, with the median tax bill in the 25th percentile at $330 and in the 75th percentile at $1,069. The zip code with the highest and lowest median tax bill is 65656, both at $417.
Average Galena Assessed Value
$54,200
Average Barry County Assessed Value
$82,200
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galena, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65656 | $34,520 | $41,050 | $54,200 | $126,400 | $179,340 |
Source: Ownwell
Property Tax Bills Across Galena, Missouri
In Galena, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For instance, the median home price in Galena is $54,200. The tax rate is applied to this assessed value to determine the annual tax bill. In Barry County, where Galena is located, the median property tax bill is $417, which is significantly lower than the national median property tax rate of 0.99%. Several factors influence the property tax bill, including the property's location, size, and any applicable exemptions or deductions. Homeowners in Galena may find their tax bills ranging from $330 at the 25th percentile to $1,229 at the 90th percentile. These taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding these factors can help homeowners anticipate their annual tax obligations and budget accordingly.
Average Galena Tax Bill
$417
Average Barry County Tax Bill
$696
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Galena, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65656 | $263 | $330 | $417 | $1,069 | $1,229 |
Source: Ownwell