Newark, Missouri Property Taxes
The median property tax rate in Newark, MO is 0.76%, which is significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $20,440 in Newark, the typical annual property tax bill amounts to $166, well below the national median of $2,690. Property taxes in Newark are determined based on the tax assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. By gaining a thorough understanding of Newark's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Newark or another part of the city, navigating the local property tax landscape can lead to significant financial benefits.
Last Updated June 14, 2024
Newark, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.76%
Estimate Property Tax Bill
$155
Ownwell’s Newark Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Newark with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Newark to provide an accurate property tax bill estimate. This valuable tool helps you grasp potential tax liabilities and make informed decisions. For those interested in more granular insights, scroll down to explore localized trends at the neighborhood level. Your property’s assessed value, determined by the county for tax purposes, takes into account any applicable exemptions, providing a comprehensive overview of your potential tax obligations.
Property Tax Rates Across Newark, Missouri
Property taxes in Newark, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Newark is 0.76%, lower than the U.S. national median of 0.99%. Local government entities within Newark set these rates annually, and they can vary significantly across different neighborhoods. Each year, Newark 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 Newark's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63458 zip code has the highest median property tax rate of 0.76%, while the same zip code also has the lowest median tax rate of 0.76%. Understanding how these cities compare with Newark provides valuable insights into the varying tax landscape across Knox County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Newark Tax Rate
0.76%
Average Knox County Tax Rate
0.72%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Newark, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63458 | 0.69% | 0.69% | 0.76% | 1.09% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Newark, Missouri
In Newark, 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 Knox 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 Newark, 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. Newark's median home price is $20,440, with tax bills varying significantly. For example, the 25th percentile tax bill is $64, while the 75th percentile tax bill is $391, and the 90th percentile tax bill is $643. The highest and lowest median tax bills are both $166, found in zip code 63458. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Newark Assessed Value
$20,440
Average Knox County Assessed Value
$29,820
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Newark, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63458 | $2,504 | $7,970 | $20,440 | $40,410 | $68,922 |
Source: Ownwell
Property Tax Bills Across Newark, Missouri
In Newark, Knox County, MO, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the property's market value, which is set by the county assessor. For instance, the median home price in Newark is $20,440. Several factors influence the final tax bill, including the property's location, improvements, and exemptions. The tax bill can vary widely; for example, homeowners at the 25th percentile pay around $64, while those at the 75th percentile face bills of about $391. At the 90th percentile, the tax bill can reach up to $643. These property taxes fund essential local services such as schools, public safety, and infrastructure. While the highest and lowest median tax bills in the area are both $166, the variability in tax bills underscores the importance of accurate property assessments. Homeowners should regularly review their property assessments to ensure they are fair and reflect the current market conditions.
Average Newark Tax Bill
$166
Average Knox County Tax Bill
$245
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Newark, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63458 | $19 | $64 | $166 | $391 | $643 |
Source: Ownwell