Lathrop, Missouri Property Taxes
The median property tax rate in Lathrop, MO is 1.41%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Lathrop at $139,070, the typical annual property tax bill reaches $1,987, exceeding the national median of $2,690. Property taxes in Lathrop 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 Lathrop'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 Lathrop 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
Lathrop, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.41%
Estimate Property Tax Bill
$1,961
Ownwell’s Lathrop Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lathrop with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lathrop 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 Lathrop, Missouri
Property taxes in Lathrop, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lathrop is 1.41%, significantly higher than the Missouri state median and the U.S. national median of 0.99%. Local government entities within Lathrop set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lathrop 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 Lathrop's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64465 zip code has the highest median property tax rate of 1.41%, while the same zip code has the lowest median tax rate of 1.41%. Understanding how these cities compare with Lathrop provides valuable insights into the varying tax landscape across Clinton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lathrop Tax Rate
1.41%
Average Clinton County Tax Rate
1.35%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lathrop, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64465 | 1.25% | 1.34% | 1.41% | 1.51% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Lathrop, Missouri
In Lathrop, 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 Clinton 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 Lathrop, 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 Lathrop helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 64465, with a median tax bill of $1,987.
Average Lathrop Assessed Value
$139,070
Average Clinton County Assessed Value
$146,110
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lathrop, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64465 | $34,344 | $83,047 | $139,070 | $203,304 | $265,010 |
Source: Ownwell
Property Tax Bills Across Lathrop, Missouri
In Lathrop, Clinton County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the tax bill. For example, with a median home price of $139,070, homeowners might see tax bills ranging from $1,173 at the 25th percentile to $3,760 at the 90th percentile. The local tax rate and the assessed value play crucial roles in determining the final amount. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Lathrop can expect property tax bills that reflect these elements, potentially affecting their annual budgets significantly. For instance, the highest median tax bill in the area is $1,987, consistent across the zip code 64465. Compared to the national median property tax rate of 0.99%, Lathrop's rates can be seen as relatively moderate, but they still represent a significant financial consideration for homeowners.
Average Lathrop Tax Bill
$1,987
Average Clinton County Tax Bill
$2,005
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lathrop, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64465 | $510 | $1,173 | $1,987 | $2,890 | $3,760 |
Source: Ownwell