Monroe City, Marion County, Missouri Property Taxes
The median property tax rate in Monroe City, MO is 1.02%, slightly above the national median of 0.99% but below Missouri's state median of 1.20%. With the median home value in Monroe City at $110,060, the typical annual property tax bill reaches $1,101, which is lower than the national median of $2,690. Property taxes in Monroe City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Monroe City'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 Monroe City 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
Monroe City, Marion County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$1,123
$1,042
Ownwell’s Monroe City Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Monroe City using just two key data points. By inputting your property's estimated assessed value, the calculator applies the median tax rate in Monroe City to provide an estimated property tax bill. This valuable tool helps you gauge potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and accounts for any applicable exemptions.
Property Tax Rates Across Monroe City, Marion County, Missouri
Property taxes in Monroe City, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe City is 1.02%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Monroe City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Monroe City 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 Monroe City's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63456 zip code has the highest median property tax rate of 1.02%, while the 63456 zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Monroe City provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe City Tax Rate
1.02%
Average Marion County Tax Rate
1.02%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe City, Marion County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63456 | 0.70% | 0.90% | 1.02% | 1.08% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Monroe City, Marion County, Missouri
In Monroe City, 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 Marion County Assessor's Office 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 Monroe City, 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 Monroe City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Monroe City, the highest median tax bill is $1101.00 in the 63456 zip code, while the lowest median tax bill is also $1101.00 in the same zip code.
Property Tax Assessment Values Across Monroe City, Marion County, Missouri
Source: Ownwell
$51,650
$96,190
$140,730
Average Monroe City Assessed Value
$110,060
Average Marion County Assessed Value
$80,490
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe City, Marion County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63456 | $23,180 | $64,720 | $110,060 | $173,700 | $279,200 |
Source: Ownwell
Property Tax Bills Across Monroe City, Marion County, Missouri
In Monroe City, located in Marion County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the Marion County Assessor's Office. The assessed value is a percentage of the property's market value, ensuring that homeowners pay taxes proportionate to their property's worth. For instance, with a median home price of $110,060, homeowners can expect varying tax bills. The 25th percentile tax bill stands at $613, while the 75th percentile reaches $1,814, and the 90th percentile climbs to $2,608. Factors influencing the tax bill include property characteristics, local tax rates, and any applicable exemptions or deductions. These elements collectively determine the final amount due. Compared to the national median property tax rate of 0.99%, Monroe City's rates can be seen as relatively moderate, offering some financial relief to homeowners. Understanding these factors helps homeowners anticipate their tax obligations and plan accordingly, ensuring they are well-prepared for their annual property tax bills.
Average Monroe City Tax Bill
$1,101
Average Marion County Tax Bill
$807
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe City, Marion County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63456 | $224 | $613 | $1,101 | $1,814 | $2,608 |
Source: Ownwell