Lohman, Missouri Property Taxes
The median property tax rate in Lohman, MO is 1.08%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With a median home value of $171,800 in Lohman, the typical annual property tax bill is around $1,834, which is below the national median of $2,690. Property taxes in Lohman are calculated based on the assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Lohman’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 Lohman or another part of Cole County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lohman, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Lohman Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lohman with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lohman 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 Lohman, Missouri
Property taxes in Lohman, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lohman is 0.87%, which is lower than both the Missouri state median of 0.97% and the U.S. national median of 0.99%. Local government entities within Lohman set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lohman 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 Lohman's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65053 zip code has the highest median property tax rate of 1.08%, while the same 65053 zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Lohman provides valuable insights into the varying tax landscape across Cole County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lohman Tax Rate
1.08%
Average Cole County Tax Rate
1.08%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lohman, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65053 | 1.00% | 1.03% | 1.08% | 1.14% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Lohman, Missouri
In Lohman, 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 Cole 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 Lohman, 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 Lohman helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $1,834 in the 65053 zip code, while the lowest median tax bill is also in the 65053 zip code at $1,834.
Average Lohman Assessed Value
$171,800
Average Cole County Assessed Value
$135,700
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lohman, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65053 | $75,620 | $118,900 | $171,800 | $275,850 | $398,530 |
Source: Ownwell
Property Tax Bills Across Lohman, Missouri
In Lohman, located in Cole County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. This assessed value is a percentage of the home's market value. The local tax rate is then applied to the assessed value to calculate the annual property tax bill. For example, with a median home price of $171,800, the tax bill can vary significantly. Homeowners in the 25th percentile can expect to pay around $1,260, while those in the 75th percentile might pay approximately $2,930. At the higher end, in the 90th percentile, property tax bills can reach up to $4,385. These tax bills are influenced by various factors, including changes in property values and local tax rates. Comparatively, the national median property tax rate is 0.99%, which provides a benchmark for understanding how local rates might differ. For homeowners, understanding these factors is crucial, as property taxes represent a significant annual expense.
Average Lohman Tax Bill
$1,834
Average Cole County Tax Bill
$1,444
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lohman, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65053 | $782 | $1,260 | $1,834 | $2,930 | $4,385 |
Source: Ownwell