Billings, Missouri Property Taxes
The median property tax rate in Billings, MO is 1.01%, slightly above the national median of 0.99% but below the Missouri state median of 1.20%. With the median home value in Billings at $127,855, the typical annual property tax bill is $1,240, which is lower than the national median of $2,690. Property taxes in Billings are based on the tax assessed value, often less than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Billings' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Billings or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Billings, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.01%
Estimate Property Tax Bill
$1,291
Ownwell’s Billings Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Billings with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Billings 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 Billings, Missouri
Property taxes in Billings, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Billings is 1.01%, which is higher than the U.S. national median of 0.99%. Local government entities within Billings set these rates annually, and they can vary significantly across different neighborhoods. Each year, Billings 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 Billings' effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65610 has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Billings provides valuable insights into the varying tax landscape across Lawrence County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Billings Tax Rate
1.01%
Average Lawrence County Tax Rate
0.92%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Billings, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65610 | 0.92% | 0.98% | 1.01% | 1.03% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Billings, Missouri
In Billings, 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 Lawrence 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 Billings, 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 Billings is $127,855, with tax bills ranging from $839 at the 25th percentile to $2,177 at the 90th percentile. The zip code with the highest median tax bill is 65610, standing at $1,240. By understanding 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 Billings helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Billings Assessed Value
$127,855
Average Lawrence County Assessed Value
$87,220
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Billings, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65610 | $48,162 | $101,233 | $127,855 | $175,474 | $212,983 |
Source: Ownwell
Property Tax Bills Across Billings, Missouri
In Billings, located in Lawrence 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 this area is $127,855, and the property tax rate is applied to this assessed value to determine the annual tax bill. Various factors influence the final tax bill, including the property's location, improvements, and any applicable exemptions. For example, homeowners at the 25th percentile can expect a tax bill of around $839, while those at the 75th percentile might pay approximately $1,801. At the 90th percentile, the tax bill can reach up to $2,177. These figures demonstrate the range of property tax obligations that homeowners might face, depending on their property's assessed value. Compared to the national median property tax rate of 0.99%, homeowners in Billings experience a tax rate that can significantly impact their annual expenses, influencing decisions about homeownership and financial planning.
Average Billings Tax Bill
$1,240
Average Lawrence County Tax Bill
$784
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Billings, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65610 | $461 | $839 | $1,240 | $1,801 | $2,177 |
Source: Ownwell