Urbana, Missouri Property Taxes
The median property tax rate in Urbana, MO is 0.78%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Urbana, the typical annual property tax bill is $210, well below the national median of $2,690. Property taxes in Urbana are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Urbana's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Urbana 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
Urbana, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.78%
Estimate Property Tax Bill
$215
Ownwell’s Urbana Property Tax Bill Calculator provides a quick and easy way for homeowners, real estate investors, or potential buyers to estimate their annual property taxes in Urbana. Simply input your property's estimated assessed value, and the calculator will use the median tax rate in Urbana to estimate your property tax bill. This valuable tool helps you understand potential tax liabilities and make informed decisions. To explore trends at a more localized level, scroll down for detailed neighborhood information. Your property’s assessed value is determined by the county for tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Urbana, Missouri
Property taxes in Urbana, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Urbana is 0.78%, which is lower than the U.S. national median of 0.99%. Local government entities within Urbana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Urbana 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 Urbana's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65767 has both the highest and lowest median property tax rate of 0.78%, which is the same as Urbana's rate. Understanding how these cities compare with Urbana 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 Urbana Tax Rate
0.78%
Average Hickory County Tax Rate
0.74%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Urbana, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65767 | 0.57% | 0.72% | 0.78% | 0.81% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Urbana, Missouri
In Urbana, 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 Hickory 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 Urbana, 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 Urbana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $210 in the zip code 65767, while the lowest median tax bill is also $210 in the same zip code.
Average Urbana Assessed Value
$27,580
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 Urbana, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65767 | $13,474 | $18,700 | $27,580 | $43,700 | $64,022 |
Source: Ownwell
Property Tax Bills Across Urbana, Missouri
In Urbana, located in Hickory County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, which is determined by the county assessor. Homeowners in Urbana typically see a median home price of $27,580. The property tax rate in this region influences the final tax bill, which can vary significantly. Factors such as the home's location, size, and condition are considered when determining its assessed value. For instance, the annual tax bill for homeowners in Urbana at the 25th percentile is around $130, whereas those at the 75th percentile pay approximately $329. At the 90th percentile, the tax bill can go up to $466. These tax bills impact homeowners by influencing their overall housing costs. Compared to the national median property tax rate of 0.99%, Urbana's rates can be seen as relatively manageable, making it an appealing place for homeowners looking for lower property tax obligations.
Average Urbana Tax Bill
$210
Average Hickory County Tax Bill
$177
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Urbana, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65767 | $90 | $130 | $210 | $329 | $466 |
Source: Ownwell