Galesburg, Missouri Property Taxes
The median property tax rate in Galesburg, MO is 1.89%, significantly higher than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $7,200 in Galesburg, the typical annual property tax bill amounts to $136, which is considerably lower than the national median of $2,690. Property taxes in Galesburg are calculated based on the tax assessed value, which often falls below the market value due to exemptions such as the primary residence and agricultural exemptions. Understanding Galesburg's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Galesburg or another part of Morgan County, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Galesburg, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.89%
Estimate Property Tax Bill
$136
Ownwell’s Galesburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Galesburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Galesburg 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 Galesburg, Missouri
Property taxes in Galesburg, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Galesburg is 1.89%, significantly higher than the U.S. national median of 0.99%. Local government entities within Galesburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Galesburg 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 Galesburg's effective property tax rate to other counties in Missouri and the national median. For comparison, the 61401 zip code has the highest median property tax rate of 1.89%, while the same zip code also has the lowest median tax rate of 1.89%. Understanding how these cities compare with Galesburg 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 Galesburg Tax Rate
1.89%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Galesburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61401 | 1.89% | 1.89% | 1.89% | 1.89% | 1.89% |
Source: Ownwell
Property Tax Assessment Values Across Galesburg, Missouri
In Galesburg, 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 Galesburg, 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. Notably, the median home price in Galesburg is $7,200, with the highest and lowest median tax bills both at $136, specifically in the 61401 zip code. 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 Galesburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Galesburg Assessed Value
$7,200
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 Galesburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61401 | $7,200 | $7,200 | $7,200 | $7,200 | $7,200 |
Source: Ownwell
Property Tax Bills Across Galesburg, Missouri
In Galesburg, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and represents a percentage of the property's market value. Homeowners in Galesburg face a median property tax rate of 0.99%, which aligns with the national median. For a home with a median price of $7,200, this translates to an annual tax bill of approximately $136, which is consistent across various percentiles, including the 25th, 75th, and 90th percentiles. Several factors influence the final tax bill, including the property's location and any applicable exemptions. High property taxes can impact homeowners by increasing the cost of owning a home, potentially affecting affordability and long-term financial planning. Conversely, lower tax rates can make homeownership more accessible and less financially burdensome. Understanding how property taxes are calculated can help homeowners in Galesburg better anticipate their annual expenses and manage their budgets more effectively.
Average Galesburg Tax Bill
$136
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Galesburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61401 | $136 | $136 | $136 | $136 | $136 |
Source: Ownwell