Galt, Missouri Property Taxes
The median property tax rate in Galt, MO is 1.59%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Galt, the typical annual property tax bill reaches $553, which is significantly lower than the national median of $2,690. Property taxes in Galt are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Galt'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 Galt or another part of Grundy County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Galt, 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 Galt Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galt with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galt 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 Galt, Missouri
Property taxes in Galt, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galt is 1.02%, slightly higher than the Missouri state median of 0.91% and the U.S. national median of 0.99%. Local government entities within Galt set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galt 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 Galt's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64641 zip code has the highest median property tax rate of 1.02%, while the 64641 zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Galt provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Galt Tax Rate
1.59%
Average Grundy County Tax Rate
1.42%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galt, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64641 | 1.31% | 1.44% | 1.59% | 1.75% | 1.75% |
Source: Ownwell
Property Tax Assessment Values Across Galt, Missouri
In Galt, 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 Grundy County Appraisal District 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 Galt, 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 Galt helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Galt is $36,550, with the highest and lowest median tax bills both recorded at $553 in the 64641 zip code.
Average Galt Assessed Value
$36,550
Average Grundy County Assessed Value
$44,895
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Galt, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64641 | $5,284 | $17,640 | $36,550 | $75,590 | $117,140 |
Source: Ownwell
Property Tax Bills Across Galt, Missouri
In Galt, Grundy County, MO, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The tax rate, applied to this assessed value, determines the final tax bill. Local tax authorities set these rates, considering budgetary needs for public services such as schools, infrastructure, and emergency services. For homeowners in Galt, the median home price stands at $36,550. Property tax bills can vary significantly, with the 25th percentile at $295, the 75th percentile at $1,125, and the 90th percentile reaching up to $1,668. Comparatively, the national median property tax rate is 0.99%, making Galt's property taxes relatively moderate. These taxes impact homeowners by influencing their overall housing costs and potentially affecting property values. Understanding how property tax bills are calculated helps homeowners budget more effectively and anticipate future expenses. It also underscores the importance of accurate property assessments to ensure fair taxation.
Average Galt Tax Bill
$553
Average Grundy County Tax Bill
$610
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Galt, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64641 | $91 | $295 | $553 | $1,125 | $1,668 |
Source: Ownwell