Mexico, Missouri Property Taxes
The median property tax rate in Mexico, MO is 1.06%, 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 $175,840, the typical annual property tax bill in Mexico reaches $1,912, 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 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 the city, 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
1.06%
Estimate Property Tax Bill
$1,864
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 1.06%, 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 1.06%, while the 65265 zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Mexico provides valuable insights into the varying tax landscape across Callaway County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mexico Tax Rate
1.06%
Average Callaway County Tax Rate
1.19%
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 | 0.94% | 0.94% | 1.06% | 1.19% | 1.23% |
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 Callaway County Assessor's Office 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 Mexico, 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 highest and lowest median tax bills in the area are both $1912 in the 65265 zip code.
Average Mexico Assessed Value
$175,840
Average Callaway County Assessed Value
$118,130
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 | $65,517 | $109,972 | $175,840 | $321,725 | $510,212 |
Source: Ownwell
Property Tax Bills Across Mexico, Missouri
Property tax bills in Mexico, located in Callaway County, MO, are calculated based on the assessed value of a property, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For example, with a median home price of $175,840, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Several factors influence the final tax bill, including the property's location within the city, any applicable exemptions, and the specific tax rates set by local authorities. In Mexico, the tax bill can range significantly, with the 25th percentile at $1,065, the 75th percentile at $3,404, and the 90th percentile reaching up to $4,933. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners. Understanding these elements helps homeowners anticipate their financial obligations and plan accordingly.
Average Mexico Tax Bill
$1,912
Average Callaway County Tax Bill
$1,342
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 | $694 | $1,065 | $1,912 | $3,404 | $4,933 |
Source: Ownwell