Odessa, Missouri Property Taxes
The median property tax rate in Odessa, MO is 1.29%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Odessa at $78,227, the typical annual property tax bill reaches $952, which is below the national median of $2,690. Property taxes in Odessa are calculated based on the tax assessed value, typically lower than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Odessa'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 Odessa 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
Odessa, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.29%
Estimate Property Tax Bill
$1,009
Ownwell’s Odessa Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Odessa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Odessa to provide an estimate of 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 Odessa, Missouri
Property taxes in Odessa, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Odessa is 1.29%, higher than the U.S. national median of 0.99%. Local government entities within Odessa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Odessa 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 Odessa's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64076 zip code has the highest median property tax rate of 1.29%, while the 64076 zip code also has the lowest median tax rate of 1.29%. Understanding how these cities compare with Odessa provides valuable insights into the varying tax landscape across Lafayette County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Odessa Tax Rate
1.29%
Average Lafayette County Tax Rate
1.10%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Odessa, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64076 | 0.81% | 1.14% | 1.29% | 1.42% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Odessa, Missouri
In Odessa, 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 Lafayette 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 Odessa, 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 Odessa helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Odessa are both $952, found in the 64076 zip code.
Average Odessa Assessed Value
$78,227
Average Lafayette County Assessed Value
$57,532
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Odessa, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64076 | $27,851 | $47,359 | $78,227 | $137,162 | $214,979 |
Source: Ownwell
Property Tax Bills Across Odessa, Missouri
In Odessa, Lafayette 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 Odessa is $78,227. Once the property's assessed value is determined, the local tax rate is applied to calculate the annual tax bill. For Odessa, the median property tax rate is 0.99%, aligning with the national median. Several factors influence the final tax bill, including the property's location, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in Odessa can expect a tax bill ranging from $561 at the 25th percentile to $1,713 at the 75th percentile, with the most substantial bills reaching up to $2,632 at the 90th percentile. The highest and lowest median tax bills in the region both stand at $952, indicating some consistency in tax assessments within the area. Understanding these factors helps homeowners anticipate their annual property tax obligations and plan their finances accordingly.
Average Odessa Tax Bill
$952
Average Lafayette County Tax Bill
$641
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Odessa, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64076 | $281 | $561 | $952 | $1,713 | $2,632 |
Source: Ownwell