Troy, Lincoln County, Missouri Property Taxes
The median property tax rate in Troy, MO is 1.18%, slightly higher than the national median of 0.99% but just under Missouri's state median of 1.20%. With a median home value of $163,055 in Troy, the typical annual property tax bill amounts to $1,956, which is lower than the national median of $2,690. Property taxes in Troy are determined based on the tax assessed value, which is often less than the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Troy'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 Troy 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
Troy, Lincoln County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,924
$1,785
Ownwell’s Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, Lincoln County, Missouri
Property taxes in Troy, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 1.18%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63379 zip code has the highest median property tax rate of 1.18%, while the 63379 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Troy provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Troy Tax Rate
1.18%
Average Lincoln County Tax Rate
1.17%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, Lincoln County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63379 | 1.15% | 1.18% | 1.18% | 1.21% | 1.21% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Lincoln County, Missouri
In Troy, 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 Lincoln 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 Troy, 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 Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Troy is $163,055, with the highest and lowest median tax bills both at $1,956 in zip code 63379.
Property Tax Assessment Values Across Troy, Lincoln County, Missouri
Source: Ownwell
$21,050
$97,970
$174,890
Average Troy Assessed Value
$163,055
Average Lincoln County Assessed Value
$149,220
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Troy, Lincoln County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63379 | $39,671 | $110,902 | $163,055 | $214,880 | $291,919 |
Source: Ownwell
Property Tax Bills Across Troy, Lincoln County, Missouri
In Troy, Lincoln County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The county assessor determines this assessed value, and local tax rates are then applied to calculate the tax bill. These tax rates can vary depending on local government budgets and funding needs for public services such as schools and infrastructure. For homeowners in Troy, the median home price is $163,055. Property tax bills can vary significantly, with the 25th percentile tax bill at $1,384 and the 75th percentile tax bill at $2,551. At the 90th percentile, homeowners might see tax bills as high as $3,426. The highest and lowest median tax bills in the area are both $1,956, indicating a relatively consistent tax rate across the region. Understanding these factors is crucial for homeowners, as property taxes impact overall housing costs and long-term financial planning. Comparing local rates to the national median property tax rate of 0.99% can also provide valuable context for assessing tax burdens.
Average Troy Tax Bill
$1,956
Average Lincoln County Tax Bill
$1,734
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, Lincoln County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63379 | $557 | $1,384 | $1,956 | $2,551 | $3,426 |
Source: Ownwell