Lake Spring, Missouri Property Taxes
The median property tax rate in Lake Spring, MO is 0.65%, significantly lower than both the national median of 0.99% and Missouri's state median of 1.20%. With the median home value in Lake Spring at $94,470, the typical annual property tax bill is $613, well below the national median of $2,690. Property taxes in Lake Spring are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Lake Spring'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 Lake Spring 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
Lake Spring, 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 Lake Spring Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Spring with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Spring 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 Lake Spring, Missouri
Property taxes in Lake Spring, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Spring is 0.65%, which is lower than both the Missouri state median of 0.93% and the U.S. national median of 0.99%. Local government entities within Lake Spring set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Spring 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 Lake Spring's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65532 zip code has the highest median property tax rate of 0.65%, while the same zip code also has the lowest median tax rate of 0.65%. Understanding how these cities compare with Lake Spring provides valuable insights into the varying tax landscape across Dent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Spring Tax Rate
0.65%
Average Dent County Tax Rate
0.76%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Spring, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65532 | 0.63% | 0.64% | 0.65% | 0.66% | 0.67% |
Source: Ownwell
Property Tax Assessment Values Across Lake Spring, Missouri
In Lake Spring, 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 Dent 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 Lake Spring, 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. For instance, the highest median tax bill in Lake Spring is $613 in the 65532 zip code, which is also the lowest median tax bill. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Spring Assessed Value
$94,470
Average Dent County Assessed Value
$43,260
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Spring, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65532 | $92,694 | $93,360 | $94,470 | $95,580 | $96,246 |
Source: Ownwell
Property Tax Bills Across Lake Spring, Missouri
In Lake Spring, Dent County, MO, property tax bills are calculated based on the assessed value of a homeowner's property. This assessed value is determined as a percentage of the property's market value, which is then multiplied by the local tax rate. For instance, with a median home price of $94,470, homeowners can expect tax bills to vary. In Lake Spring, the 25th percentile tax bill is $608, while the 75th percentile tax bill is $618, and the 90th percentile tax bill is $621. These figures suggest a relatively narrow range of property tax bills, reflecting a stable tax environment. Compared to the national median property tax rate of 0.99%, Lake Spring's tax rates provide a more predictable financial obligation for homeowners. Understanding these factors helps homeowners anticipate their annual property tax responsibilities and manage their finances more effectively.
Average Lake Spring Tax Bill
$613
Average Dent County Tax Bill
$374
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Spring, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65532 | $605 | $608 | $613 | $618 | $621 |
Source: Ownwell