Monroe City, Missouri Property Taxes
The median property tax rate in Monroe City, MO is 1.15%, slightly above the national median of 0.99% but below the Missouri state median of 1.20%. With the median home value in Monroe City, the typical annual property tax bill amounts to $317, considerably 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 like the 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, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Monroe City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Monroe City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Monroe City 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 Monroe City, Missouri
Property taxes in Monroe City, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Monroe City is 1.15%, 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 1.15%, while the same zip code also has the lowest median tax rate of 1.15%. Understanding how these cities compare with Monroe City provides valuable insights into the varying tax landscape across Monroe County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Monroe City Tax Rate
1.15%
Average Monroe County Tax Rate
0.97%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Monroe City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63456 | 0.78% | 0.94% | 1.15% | 1.32% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Monroe City, 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 Monroe 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. For instance, the highest median tax bill in Monroe City is $317.00 in the 63456 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Monroe City Assessed Value
$30,200
Average Monroe County Assessed Value
$49,250
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Monroe City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63456 | $3,600 | $7,750 | $30,200 | $91,150 | $174,300 |
Source: Ownwell
Property Tax Bills Across Monroe City, Missouri
In Monroe City, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. For homeowners, the median home price stands at $30,200. The tax rate is applied to this assessed value to determine the annual property tax bill. Factors such as property size, location, and improvements can influence the assessed value. Homeowners in Monroe City experience a range of property tax bills. At the lower end, the 25th percentile tax bill is $95, while the 75th percentile tax bill reaches $838. For those at the higher end of the spectrum, the 90th percentile tax bill is $1,634. The highest median tax bill recorded in the area is $317, which is significantly lower than the national median property tax rate of 0.99%. These property taxes fund essential local services, such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. Understanding these calculations helps homeowners anticipate their annual expenses and plan their finances accordingly.
Average Monroe City Tax Bill
$317
Average Monroe County Tax Bill
$442
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Monroe City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63456 | $47 | $95 | $317 | $838 | $1,634 |
Source: Ownwell