Cuba, Missouri Property Taxes
The median property tax rate in Cuba, MO is 0.89%, lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Cuba at $23,045, the typical annual property tax bill is $225, significantly below the national median of $2,690. Property taxes in Cuba 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 Cuba'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 Cuba 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
Cuba, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$205
Ownwell’s Cuba Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Cuba with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Cuba 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 Cuba, Missouri
Property taxes in Cuba, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Cuba is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Cuba set these rates annually, and they can vary significantly across different neighborhoods. Each year, Cuba 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 Cuba's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 65453 has the highest median property tax rate of 0.89%, while the lowest median tax rate also stands at 0.89%. Understanding how these rates compare with Cuba provides valuable insights into the varying tax landscape across Gasconade County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cuba Tax Rate
0.89%
Average Gasconade County Tax Rate
1.08%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cuba, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65453 | 0.77% | 0.81% | 0.89% | 0.95% | 1.03% |
Source: Ownwell
Property Tax Assessment Values Across Cuba, Missouri
In Cuba, 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 Gasconade 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. Assessment notices in Cuba 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 Cuba helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Cuba, the zip code 65453 has both the highest and lowest median tax bills, each at $225. By staying informed, property owners can take proactive steps to manage their property tax obligations effectively.
Average Cuba Assessed Value
$23,045
Average Gasconade County Assessed Value
$40,105
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cuba, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65453 | $15,061 | $17,942 | $23,045 | $37,145 | $124,790 |
Source: Ownwell
Property Tax Bills Across Cuba, Missouri
In Cuba, Missouri, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, the median home price in Cuba is $23,045. The tax rate is applied to this assessed value to determine the annual tax bill. Factors such as local tax rates and the home’s assessed value play a significant role in the final amount. Homeowners in Cuba can expect their property tax bills to vary. At the 25th percentile, tax bills are around $171, while at the 75th percentile, they can reach approximately $344. For those at the 90th percentile, tax bills can be as high as $957. Interestingly, the highest and lowest median tax bills in the region are both $225, specifically in the 65453 zip code. Comparatively, the national median property tax rate stands at 0.99%, making Cuba's property tax rates relatively modest, which can be beneficial for homeowners looking for affordability.
Average Cuba Tax Bill
$225
Average Gasconade County Tax Bill
$439
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Cuba, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65453 | $128 | $171 | $225 | $344 | $957 |
Source: Ownwell