Prairie Home, Missouri Property Taxes
The median property tax rate in Prairie Home, MO is 1.25%, which is higher than both the national median of 0.99% and Missouri's state median of 1.20%. With the median home value in Prairie Home at $83,800, the typical annual property tax bill reaches $1,033, surpassing the national median of $2,690. Property taxes in Prairie Home are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Prairie Home'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 Prairie Home 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
Prairie Home, 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 Prairie Home Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prairie Home with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prairie Home 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 Prairie Home, Missouri
Property taxes in Prairie Home, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prairie Home is 1.25%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Prairie Home set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prairie Home 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 Prairie Home's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65068 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Prairie Home provides valuable insights into the varying tax landscape across Cooper County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Prairie Home Tax Rate
1.25%
Average Cooper County Tax Rate
1.38%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prairie Home, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65068 | 1.00% | 1.15% | 1.25% | 1.45% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Prairie Home, Missouri
In Prairie Home, 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 Cooper 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 Prairie Home, 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 Prairie Home 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 $1033, found in the 65068 zip code.
Average Prairie Home Assessed Value
$83,800
Average Cooper County Assessed Value
$83,000
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Prairie Home, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65068 | $32,860 | $51,600 | $83,800 | $122,300 | $201,880 |
Source: Ownwell
Property Tax Bills Across Prairie Home, Missouri
In Prairie Home, located in Cooper County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Prairie Home is $83,800, providing a baseline for these calculations. Tax rates are applied to this assessed value to determine the annual tax bill. Factors influencing the tax bill include the property's market value, local tax rates, and any applicable exemptions or deductions. Homeowners in Prairie Home can expect their property tax bills to vary significantly. For example, the tax bill at the 25th percentile is $668, while at the 75th percentile, it rises to $1,543. At the 90th percentile, it can reach up to $2,400. These variations highlight the impact of property value and local tax rates on individual tax bills. Compared to the national median property tax rate of 0.99%, Prairie Home's tax bills reflect the local economic conditions and property market. Understanding these factors helps homeowners anticipate their financial obligations and plan accordingly.
Average Prairie Home Tax Bill
$1,033
Average Cooper County Tax Bill
$1,092
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Prairie Home, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65068 | $406 | $668 | $1,033 | $1,543 | $2,400 |
Source: Ownwell