Albuquerque, Missouri Property Taxes
The median property tax rate in Albuquerque, MO is 0.87%, lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $42,200 in Albuquerque, the typical annual property tax bill is $368, significantly below the national median of $2,690. Property taxes in Albuquerque are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Albuquerque'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 Albuquerque 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
Albuquerque, 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 Albuquerque Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Albuquerque with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Albuquerque 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 Albuquerque, Missouri
Property taxes in Albuquerque, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Albuquerque is 0.87%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Albuquerque set these rates annually, and they can vary significantly across different neighborhoods. Each year, Albuquerque 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 Albuquerque's effective property tax rate to other counties in Missouri and the national median. For comparison, the highest median property tax rate in the region is 1.25%, while the lowest median tax rate is 0.65%. Understanding how these cities compare with Albuquerque provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Albuquerque Tax Rate
0.87%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Albuquerque, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Albuquerque, Missouri
In Albuquerque, 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 Morgan 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 Albuquerque, 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 example, the median home price in Albuquerque is $42,200, with tax bills ranging from $368 at the 25th percentile to $368 at the 90th percentile. 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 Albuquerque helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Albuquerque Assessed Value
$42,200
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Albuquerque, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Albuquerque, Missouri
In Albuquerque, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the market value, which local assessors determine. For example, with a median home price of $42,200, the assessed value is calculated to determine the property tax owed. The tax rate is then applied to this assessed value to generate the tax bill. Several factors influence the final tax bill, including the home's location, property type, and any exemptions for which the homeowner may qualify. In Morgan County, the tax bill for the 25th, 75th, and 90th percentiles is consistent at $368, reflecting a stable tax rate in the region. This calculation method ensures that homeowners contribute fairly to local services and infrastructure, but it also means that changes in property values or tax rates can significantly impact annual tax bills. Compared to the national median property tax rate of 0.99%, the rates in Albuquerque may offer a more affordable option for homeowners.
Average Albuquerque Tax Bill
$368
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Albuquerque, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell