Lenox, Missouri Property Taxes
The median property tax rate in Lenox, MO is 0.66%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Lenox at $38,025, the typical annual property tax bill is $250, far below the national median of $2,690. Property taxes in Lenox are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Lenox'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 Lenox 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
Lenox, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$251
Ownwell’s Lenox Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Lenox with just two simple data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Lenox to provide an estimate of your property tax bill. This valuable tool helps you understand your potential tax liabilities with ease. For those interested in more granular details, you can explore neighborhood-level trends further down the page. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Lenox, Missouri
Property taxes in Lenox, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lenox is 0.66%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Lenox set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lenox 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. Understanding how Lenox's effective property tax rate compares to other areas in Dent County and the national median provides valuable insights into the varying tax landscape, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring regions. For comparison, the highest and lowest median property tax rates in Dent County are both 0.66%, found in the 65541 zip code. This consistency within the county highlights the uniformity in property tax rates across different neighborhoods, offering homeowners in Lenox a predictable tax environment.
Average Lenox Tax Rate
0.66%
Average Dent County Tax Rate
0.76%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lenox, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65541 | 0.52% | 0.61% | 0.66% | 0.67% | 0.68% |
Source: Ownwell
Property Tax Assessment Values Across Lenox, Missouri
In Lenox, 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 Lenox, 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 Lenox helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Lenox are both $250, found in the 65541 zip code.
Average Lenox Assessed Value
$38,025
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 Lenox, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65541 | $15,291 | $20,045 | $38,025 | $59,720 | $91,023 |
Source: Ownwell
Property Tax Bills Across Lenox, Missouri
In Lenox, Dent County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by local assessors. This assessed value is a percentage of the market value of the property. For example, with a median home price of $38,025, the tax bill varies significantly across different percentiles. At the 25th percentile, homeowners may see a tax bill around $163, whereas at the 75th percentile, it can rise to approximately $398. Those in the 90th percentile might face a tax bill as high as $611. The local tax rate and any applicable exemptions or deductions also play a crucial role in determining the final tax bill. Compared to the national median property tax rate of 0.99%, Lenox's rates reflect the unique economic and market conditions of the area. These property taxes fund essential services such as schools, public safety, and infrastructure, directly impacting the quality of life for homeowners in the community.
Average Lenox Tax Bill
$250
Average Dent County Tax Bill
$374
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lenox, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65541 | $112 | $163 | $250 | $398 | $611 |
Source: Ownwell