Greenwood, Missouri Property Taxes
The median property tax rate in Greenwood, MO is 1.73%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Greenwood at $287,430, the typical annual property tax bill reaches $4,822, exceeding the national median of $2,690. Property taxes in Greenwood are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Greenwood'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 Greenwood 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
Greenwood, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.73%
Estimate Property Tax Bill
$4,973
Ownwell’s Greenwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Greenwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Greenwood 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 Greenwood, Missouri
Property taxes in Greenwood, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Greenwood is 1.73%, which is higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Greenwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Greenwood 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 Greenwood's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64034 zip code has the highest median property tax rate of 1.73%, while the same 64034 zip code also has the lowest median tax rate of 1.73%. Understanding how these cities compare with Greenwood provides valuable insights into the varying tax landscape across Cass County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Greenwood Tax Rate
1.73%
Average Cass County Tax Rate
1.46%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Greenwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64034 | 1.39% | 1.63% | 1.73% | 1.73% | 1.73% |
Source: Ownwell
Property Tax Assessment Values Across Greenwood, Missouri
In Greenwood, 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 Cass 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 Greenwood, 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 Greenwood 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 $4,822, found in the 64034 zip code.
Average Greenwood Assessed Value
$287,430
Average Cass County Assessed Value
$149,060
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Greenwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64034 | $156,408 | $224,820 | $287,430 | $380,110 | $539,329 |
Source: Ownwell
Property Tax Bills Across Greenwood, Missouri
In Greenwood, located in Cass County, MO, property tax bills 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. Various factors influence the final tax amount, including property size, location, and any applicable exemptions or deductions. For homeowners in Greenwood, the median home price is $287,430. Property tax bills can vary significantly, with the 25th percentile tax bill at $3,462 and the 75th percentile at $6,470. The 90th percentile tax bill reaches up to $9,132, indicating a wide range of tax burdens depending on property specifics. Compared to the national median property tax rate of 0.99%, Greenwood's property taxes can be relatively high, impacting homeowners' annual financial planning. Understanding these factors is crucial for homeowners to anticipate their property tax obligations and manage their finances accordingly.
Average Greenwood Tax Bill
$4,822
Average Cass County Tax Bill
$2,217
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Greenwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64034 | $2,461 | $3,462 | $4,822 | $6,470 | $9,132 |
Source: Ownwell