Andover, Missouri Property Taxes
The median property tax rate in Andover, Missouri is 0.83%, which is considerably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Andover, the typical annual property tax bill reaches $104, significantly below the national median of $2,690. Property taxes in Andover are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Andover'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 Andover 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
Andover, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$104
Ownwell’s Andover Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Andover with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Andover 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 Andover, Missouri
Property taxes in Andover, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Andover is 0.83%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Andover set these rates annually, and they can vary significantly across different neighborhoods. Each year, Andover 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 Andover's effective property tax rate to other counties in Missouri and the national median. For comparison, the highest median property tax rate in Missouri is 0.83%, while the lowest median tax rate is also 0.83%. Understanding how these cities compare with Andover 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 Andover Tax Rate
0.83%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Andover, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67002 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Andover, Missouri
In Andover, 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 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 Andover, 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 Andover helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Andover are both $104, found in the zip code 67002.
Average Andover Assessed Value
$12,500
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 Andover, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67002 | $12,500 | $12,500 | $12,500 | $12,500 | $12,500 |
Source: Ownwell
Property Tax Bills Across Andover, Missouri
In Andover, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a property. This assessed value is determined by the county assessor, who evaluates the property's market value and applies an assessment ratio to arrive at the assessed value. The median home price in Andover is $12,500, and the property tax rate in this region is derived from local tax levies set by various taxing authorities such as schools, municipalities, and other special districts. Homeowners in Andover typically experience a tax bill around $104, which is consistent across the 25th, 75th, and 90th percentiles. This uniformity suggests a relatively stable and predictable property tax environment. Compared to the national median property tax rate of 0.99%, Andover's tax rate is significantly lower, making it an attractive location for homeowners seeking affordability. The property tax bill impacts homeowners by contributing to local services and infrastructure, which in turn supports community growth and quality of life.
Average Andover Tax Bill
$104
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Andover, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 67002 | $104 | $104 | $104 | $104 | $104 |
Source: Ownwell