Drexel, Bates County, Missouri Property Taxes
The median property tax rate in Drexel, MO is 1.11%, slightly higher than the national median of 0.99% but lower than Missouri's state median of 1.20%. With a median home value of $82,500 in Drexel, the typical annual property tax bill reaches $896, which is below the national median of $2,690. Property taxes in Drexel are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Drexel'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 Drexel 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
Drexel, Bates County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.11%
Estimate Property Tax Bill
$916
$850
Ownwell’s Drexel Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Drexel with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Drexel 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 Drexel, Bates County, Missouri
Property taxes in Drexel, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Drexel is 1.11%, which is higher than the U.S. national median of 0.99%. Local government entities within Drexel set these rates annually, and they can vary significantly across different neighborhoods. Each year, Drexel 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 Drexel's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64742 zip code has both the highest and lowest median property tax rate of 1.11%. Understanding how these cities compare with Drexel provides valuable insights into the varying tax landscape across Bates County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Drexel Tax Rate
1.11%
Average Bates County Tax Rate
1.06%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Drexel, Bates County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64742 | 0.85% | 0.98% | 1.11% | 1.19% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Drexel, Bates County, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Drexel, 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 Bates 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 Drexel, 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. For instance, the highest median tax bill in Drexel is $896 in the 64742 zip code, while the lowest median tax bill is also $896 in the same zip code. 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 Drexel helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Drexel, Bates County, Missouri
Source: Ownwell
$24,550
$69,900
$115,250
Average Drexel Assessed Value
$82,500
Average Bates County Assessed Value
$68,300
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Drexel, Bates County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64742 | $33,500 | $53,500 | $82,500 | $145,300 | $242,460 |
Source: Ownwell
Property Tax Bills Across Drexel, Bates County, Missouri
In Drexel, located in Bates County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Drexel is $82,500. Property taxes are determined by multiplying the assessed value by the local tax rate. Various factors influence the assessed value, including the home's size, location, and condition. Homeowners in Drexel can expect property tax bills to vary significantly. At the 25th percentile, the tax bill is $576, while at the 75th percentile, it rises to $1,565. For those at the 90th percentile, the tax bill can reach as high as $2,304. The highest and lowest median tax bills in the area are both $896, corresponding to the zip code 64742. Compared to the national median property tax rate of 0.99%, Drexel's property tax rates can create a range of financial impacts on homeowners, influencing their overall housing costs and budget planning.
Average Drexel Tax Bill
$896
Average Bates County Tax Bill
$704
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Drexel, Bates County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64742 | $340 | $576 | $896 | $1,565 | $2,304 |
Source: Ownwell