Lincoln, Benton County, Missouri Property Taxes
The median property tax rate in Lincoln, MO is 1.05%, slightly above the national median of 0.99% but lower than the Missouri state median of 1.20%. With a median home value of $52,000 in Lincoln, the typical annual property tax bill amounts to $557, which is significantly less than the national median of $2,690. Property taxes in Lincoln are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lincoln'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 Lincoln 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
Lincoln, Benton County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$546
$507
Ownwell’s Lincoln Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lincoln with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lincoln 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 Lincoln, Benton County, Missouri
Property taxes in Lincoln, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lincoln is 1.05%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Lincoln set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lincoln 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 Lincoln's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65338 zip code has both the highest and lowest median property tax rate of 1.05%. Understanding how these cities compare with Lincoln provides valuable insights into the varying tax landscape across Benton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lincoln Tax Rate
1.05%
Average Benton County Tax Rate
0.98%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lincoln, Benton County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65338 | 0.88% | 0.98% | 1.05% | 1.19% | 1.23% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln, Benton County, Missouri
In Lincoln, 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 Benton 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 Lincoln, 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. In Lincoln, the median home price is $52,000, with the 25th percentile tax bill at $214 and the 75th percentile at $985. The highest median tax bill is $557 in the 65338 zip code, while the lowest median tax bill is also $557 in the same zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Lincoln, Benton County, Missouri
Source: Ownwell
$27,737
$56,632
$85,526
Average Lincoln Assessed Value
$52,000
Average Benton County Assessed Value
$50,947
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lincoln, Benton County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65338 | $6,895 | $21,842 | $52,000 | $89,895 | $135,200 |
Source: Ownwell
Property Tax Bills Across Lincoln, Benton County, Missouri
In Lincoln, Benton County, MO, property tax bills are calculated based on the assessed value of the property, which is a percentage of the property's market value. The median home price in Lincoln is $52,000. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Factors such as property improvements, neighborhood developments, and changes in the housing market can influence the assessed value. For homeowners in Lincoln, property tax bills can range significantly. The tax bill at the 25th percentile is $214, while at the 75th percentile, it rises to $985, and at the 90th percentile, it reaches $1,496. These variations can impact homeowners' budgets and financial planning. Compared to the national median property tax rate of 0.99%, Lincoln's property taxes reflect a localized approach to funding community services and infrastructure. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Lincoln Tax Bill
$557
Average Benton County Tax Bill
$492
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lincoln, Benton County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65338 | $65 | $214 | $557 | $985 | $1,496 |
Source: Ownwell