Fort Madison, Missouri Property Taxes
The median property tax rate in Fort Madison, MO is 2.38%, significantly higher than both the national median of 0.99% and Missouri's state median of 1.20%. With the median home value in Fort Madison, the typical annual property tax bill reaches $40, which is notably lower than the national median of $2,690. Property taxes in Fort Madison 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 Fort Madison'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 Fort Madison 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
Fort Madison, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.38%
Estimate Property Tax Bill
$40
Ownwell’s FORT MADISON Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in FORT MADISON with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in FORT MADISON 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 Fort Madison, Missouri
Property taxes in Fort Madison, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fort Madison is 2.38%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Fort Madison set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fort Madison 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 Fort Madison's effective property tax rate to other counties in Missouri and the national median. For comparison, the highest median property tax rate in Missouri can be found in certain zip codes, while other areas have significantly lower rates. Understanding how these cities compare with Fort Madison 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 Fort Madison Tax Rate
2.38%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fort Madison, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Fort Madison, Missouri
In Fort Madison, 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 Fort Madison, 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 Fort Madison helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Fort Madison Assessed Value
$1,700
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 Fort Madison, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Fort Madison, Missouri
In Fort Madison, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the market value, reflecting the worth of the property. This value is then multiplied by the local tax rate to determine the annual property tax bill. In Fort Madison, the median home price is $1,700, which is considerably lower than the national median home price. The property tax rate in this region is also notably lower, as evidenced by the tax bills. Homeowners in the 25th, 75th, and 90th percentiles all see tax bills of $40, which is a stark contrast to the national median property tax rate of 0.99%. These lower tax bills can be a significant advantage for homeowners, making homeownership more affordable and potentially increasing disposable income. However, it's essential for homeowners to stay informed about any changes in assessed values or tax rates to effectively manage their property tax obligations.
Average Fort Madison Tax Bill
$40
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Fort Madison, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell