Gravois Mills, Missouri Property Taxes
The median property tax rate in Gravois Mills, MO is 0.85%, which is notably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $141,650 in Gravois Mills, the typical annual property tax bill amounts to $1,210, significantly below the national median of $2,690. Property taxes in Gravois Mills are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gravois Mills' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Gravois Mills 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
Gravois Mills, 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 Gravois Mills Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Gravois Mills with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gravois Mills 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 Gravois Mills, Missouri
Property taxes in Gravois Mills, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gravois Mills is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Gravois Mills set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gravois Mills 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 Gravois Mills' effective property tax rate to other counties in Missouri and the national median. For comparison, the 65037 zip code has the same median property tax rate of 0.85%. Understanding how these cities compare with Gravois Mills 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 Gravois Mills Tax Rate
0.85%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gravois Mills, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65037 | 0.84% | 0.85% | 0.85% | 0.89% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Gravois Mills, Missouri
In Gravois Mills, 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 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 Gravois Mills, 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. The median home price in Gravois Mills is $141,650, with tax bills ranging from $486 at the 25th percentile to $2,646 at the 90th percentile. The highest and lowest median tax bills are both $1,210 in the 65037 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gravois Mills Assessed Value
$141,650
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 Gravois Mills, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65037 | $15,600 | $58,475 | $141,650 | $217,825 | $306,500 |
Source: Ownwell
Property Tax Bills Across Gravois Mills, Missouri
In Gravois Mills, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $141,650. Homeowners in Gravois Mills can expect their property tax bills to vary significantly, with the 25th percentile at $486 and the 75th percentile reaching $1,879. At the higher end, the 90th percentile tax bill can go up to $2,646. The assessed value is determined by local tax assessors who take into account various factors such as the property's location, size, and condition. These assessments are then multiplied by the local tax rate to calculate the tax bill. It's important to note that the median property tax rate in Morgan County is lower than the national median rate of 0.99%. This variance in tax bills can significantly impact homeowners' financial planning and overall cost of living in the area.
Average Gravois Mills Tax Bill
$1,210
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Gravois Mills, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65037 | $131 | $486 | $1,210 | $1,879 | $2,646 |
Source: Ownwell