Preston, Missouri Property Taxes
The median property tax rate in Preston, Missouri is 0.75%, considerably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Preston, the typical annual property tax bill reaches $228, significantly below the national median of $2,690. Property taxes in Preston 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 Preston'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 Preston 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
Preston, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.75%
Estimate Property Tax Bill
$279
Ownwell’s Preston Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Preston with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Preston 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 Preston, Missouri
Property taxes in Preston, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Preston is 0.75%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Preston set these rates annually, and they can vary significantly across different neighborhoods. Each year, Preston 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 Preston's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65732 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these cities compare with Preston provides valuable insights into the varying tax landscape across Hickory County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Preston Tax Rate
0.75%
Average Hickory County Tax Rate
0.74%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Preston, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65732 | 0.57% | 0.67% | 0.75% | 0.79% | 0.81% |
Source: Ownwell
Property Tax Assessment Values Across Preston, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Preston, Missouri. 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 Hickory 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 Preston, 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 example, the highest median tax bill in Preston is $228 in zip code 65732, which can be compared to the national median property tax rate of 0.99%. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Preston Assessed Value
$37,220
Average Hickory County Assessed Value
$25,410
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Preston, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65732 | $11,530 | $17,690 | $37,220 | $86,180 | $169,762 |
Source: Ownwell
Property Tax Bills Across Preston, Missouri
In Preston, located in Hickory County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $37,220, the assessed value would be a fraction of this amount, determined by local assessment rates. Homeowners then apply the local property tax rate to this assessed value to determine their tax bill. Factors such as property size, location, and home improvements can influence the assessed value. In Hickory County, the tax bill varies significantly; the 25th percentile tax bill is $126, while the 75th percentile reaches $704, and the 90th percentile goes up to $1,193. These variations reflect differences in property values and local tax rates. Compared to the national median property tax rate of 0.99%, Preston's property taxes can be relatively low, making it a potentially attractive location for homeowners seeking affordability. Understanding these calculations helps homeowners budget more effectively and anticipate their annual property tax obligations.
Average Preston Tax Bill
$228
Average Hickory County Tax Bill
$177
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Preston, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65732 | $93 | $126 | $228 | $704 | $1,193 |
Source: Ownwell