Geneseo, Missouri Property Taxes
The median property tax rate in Geneseo, MO is 1.02%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With the median home value in Geneseo, the typical annual property tax bill is $74, significantly below the national median of $2,690. Property taxes in Geneseo are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions, such as primary residence and agricultural exemptions. Understanding Geneseo'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 Geneseo or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Geneseo, 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 Geneseo Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Geneseo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Geneseo to project your property tax bill. This valuable tool provides clarity on potential tax liabilities. For those interested in exploring trends on a neighborhood level, additional localized information is available below. Your property’s assessed value, determined by the county, is used for property tax calculations and considers any applicable exemptions.
Property Tax Rates Across Geneseo, Missouri
Property taxes in Geneseo, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Geneseo is 1.02%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Geneseo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Geneseo 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 Geneseo's effective property tax rate to other counties in Missouri and the national median. For comparison, the 61254 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Geneseo 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 Geneseo Tax Rate
1.02%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Geneseo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61254 | 1.02% | 1.02% | 1.02% | 1.02% | 1.02% |
Source: Ownwell
Property Tax Assessment Values Across Geneseo, Missouri
In Geneseo, 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 Geneseo, 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 Geneseo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Geneseo, the median home price is $7,200, with tax bills ranging from $74 at the 25th, 75th, and 90th percentiles.
Average Geneseo 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 Geneseo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61254 | $7,200 | $7,200 | $7,200 | $7,200 | $7,200 |
Source: Ownwell
Property Tax Bills Across Geneseo, Missouri
In Geneseo, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For instance, with a median home price of $7,200, the property tax rate in Geneseo results in a consistent tax bill of $74 across various percentiles, including the 25th, 75th, and 90th percentiles. This uniformity suggests a relatively straightforward tax structure, where homeowners can anticipate their financial obligations without significant fluctuations. Compared to the national median property tax rate of 0.99%, the property taxes in Geneseo are notably lower, providing homeowners with a more manageable tax burden. This lower tax rate can make homeownership more affordable and appealing, potentially attracting new residents to the area while ensuring that existing homeowners are not overburdened by their property tax responsibilities.
Average Geneseo Tax Bill
$74
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Geneseo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61254 | $74 | $74 | $74 | $74 | $74 |
Source: Ownwell