New Franklin, Howard County, Missouri Property Taxes
The median property tax rate in New Franklin, MO is 1.49%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in New Franklin, the typical annual property tax bill reaches $966, which is below the national median of $2,690. Property taxes in New Franklin are calculated based on the tax assessed value, typically lower than the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding New Franklin'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 New Franklin 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
New Franklin, Howard County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$1,005
$932
Ownwell’s New Franklin Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in New Franklin with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in New Franklin 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 New Franklin, Howard County, Missouri
Property taxes in New Franklin, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in New Franklin is 1.49%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within New Franklin set these rates annually, and they can vary significantly across different neighborhoods. Each year, New Franklin 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 New Franklin's effective property tax rate to other counties in Missouri and the national median. For comparison, the ZIP code 65274 has the highest median property tax rate of 1.49%, while the lowest median tax rate is also 1.49%. Understanding how these cities compare with New Franklin provides valuable insights into the varying tax landscape across Howard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average New Franklin Tax Rate
1.49%
Average Howard County Tax Rate
1.31%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across New Franklin, Howard County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65274 | 1.26% | 1.37% | 1.49% | 1.49% | 1.49% |
Source: Ownwell
Property Tax Assessment Values Across New Franklin, Howard County, Missouri
In New Franklin, 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 Howard 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 New Franklin, 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. For instance, the median home price in New Franklin is $67,440. Tax bills can vary significantly, with the 25th percentile tax bill at $592 and the 75th percentile at $1,501. The highest and lowest median tax bills both stand at $966 in the zip code 65274. 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 New Franklin helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across New Franklin, Howard County, Missouri
Source: Ownwell
$40,980
$72,455
$103,930
Average New Franklin Assessed Value
$67,440
Average Howard County Assessed Value
$68,234
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across New Franklin, Howard County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65274 | $25,643 | $40,002 | $67,440 | $108,260 | $180,644 |
Source: Ownwell
Property Tax Bills Across New Franklin, Howard County, Missouri
In New Franklin, located in Howard County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in New Franklin is $67,440, and the assessed value is determined by local tax authorities. Once the assessed value is established, the tax rate, which is set by the county, is applied to calculate the annual tax bill. Several factors influence the property tax bill, including the property's location, its assessed value, and any applicable exemptions or deductions. For homeowners in New Franklin, the property tax bill can vary significantly. For instance, the 25th percentile tax bill is around $592, while the 75th percentile reaches $1,501, and the 90th percentile can go up to $2,415. These property taxes contribute to local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for homeowners. While the median tax bill in New Franklin is $966, it's crucial for homeowners to understand how these factors come together to affect their annual financial obligations.
Average New Franklin Tax Bill
$966
Average Howard County Tax Bill
$882
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across New Franklin, Howard County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65274 | $369 | $592 | $966 | $1,501 | $2,415 |
Source: Ownwell