Lake Tapawingo, Missouri Property Taxes
The median property tax rate in Lake Tapawingo, MO is 1.98%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Lake Tapawingo at $196,000, the typical annual property tax bill reaches $3,883, exceeding the national median of $2,690. Property taxes in Lake Tapawingo 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 Lake Tapawingo'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 Lake Tapawingo 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
Lake Tapawingo, 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 Lake Tapawingo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Tapawingo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Tapawingo 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 Jackson County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake Tapawingo, Missouri
Property taxes in Lake Tapawingo, Missouri, are essential in funding key local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Tapawingo is 1.98%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lake Tapawingo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Tapawingo 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 Lake Tapawingo's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64015 zip code has the highest median property tax rate of 1.98%, while the same zip code also has the lowest median tax rate of 1.98%. Understanding how these cities compare with Lake Tapawingo provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Tapawingo Tax Rate
1.98%
Average Jackson County Tax Rate
1.56%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Tapawingo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64015 | 1.98% | 1.98% | 1.98% | 1.98% | 1.98% |
Source: Ownwell
Property Tax Assessment Values Across Lake Tapawingo, Missouri
In Lake Tapawingo, 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 Jackson 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 Lake Tapawingo, 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 Lake Tapawingo 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 $3,883 in the 64015 zip code, which is also the lowest median tax bill, highlighting the consistency in property tax assessments within the region.
Average Lake Tapawingo Assessed Value
$196,000
Average Jackson County Assessed Value
$127,000
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Tapawingo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64015 | $146,400 | $165,000 | $196,000 | $248,000 | $279,200 |
Source: Ownwell
Property Tax Bills Across Lake Tapawingo, Missouri
Property tax bills in Lake Tapawingo, Jackson County, MO, are calculated based on the assessed value of the property, which is typically a percentage of the market value. The local tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $196,000, homeowners in Lake Tapawingo can expect varying tax bills. The 25th percentile tax bill is around $3,269, while the 75th percentile tax bill reaches up to $4,913, and the 90th percentile can be as high as $5,531. These figures illustrate how property taxes can significantly impact homeowners, depending on their property's assessed value and the local tax rate. The highest and lowest median tax bills in the area are both $3,883, indicating a relatively consistent tax environment within the zip code 64015. Compared to the national median property tax rate of 0.99%, these numbers provide a clear picture of the local tax burden homeowners in Lake Tapawingo face.
Average Lake Tapawingo Tax Bill
$3,883
Average Jackson County Tax Bill
$2,070
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Tapawingo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64015 | $2,900 | $3,269 | $3,883 | $4,913 | $5,531 |
Source: Ownwell