Laredo, Missouri Property Taxes
The median property tax rate in Laredo, MO is 1.12%, which is higher than the national median of 0.99% but slightly below the Missouri state median of 1.20%. With a median home value of $302,700 in Laredo, the typical annual property tax bill comes to $3,404, surpassing the national median of $2,690. Property taxes in Laredo are 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. Gaining a deeper understanding of Laredo's property tax system, exploring available exemptions, and identifying reduction opportunities can result in significant yearly savings. Whether you reside in the heart of Laredo or elsewhere in the city, comprehending the local property tax structure will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laredo, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.12%
Estimate Property Tax Bill
$3,390
Ownwell’s Laredo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laredo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laredo 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 Laredo, Missouri
Property taxes in Laredo, Missouri, are essential in funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Laredo is 1.12%, higher than the U.S. national median of 0.99%. Local government entities within Laredo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laredo 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 Laredo's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64652 zip code has the highest median property tax rate of 1.12%, while the same zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with Laredo provides valuable insights into the varying tax landscape across Linn County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laredo Tax Rate
1.12%
Average Linn County Tax Rate
1.13%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laredo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64652 | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across Laredo, Missouri
In Laredo, 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 local 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 Laredo, 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 Laredo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Laredo are both $3,404, found in the 64652 zip code.
Average Laredo Assessed Value
$302,700
Average Linn County Assessed Value
$25,200
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laredo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64652 | $302,700 | $302,700 | $302,700 | $302,700 | $302,700 |
Source: Ownwell
Property Tax Bills Across Laredo, Missouri
In Laredo, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the property's market value. This value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $302,700, the tax bill at the 25th, 75th, and 90th percentiles all stand at $3,404. This consistency highlights a uniform tax rate within the city. Several factors influence the assessed value, including the property's location, size, and condition. Homeowners in Laredo can expect their property tax bills to impact their overall housing costs significantly. Comparing this to the national median property tax rate of 0.99%, Laredo's property tax rate results in a substantial tax bill relative to the home's value. This can affect homeowners' financial planning and considerations when purchasing or maintaining a property in the city.
Average Laredo Tax Bill
$3,404
Average Linn County Tax Bill
$264
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Laredo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64652 | $3,404 | $3,404 | $3,404 | $3,404 | $3,404 |
Source: Ownwell