Lakewood, Missouri Property Taxes
The median property tax rate in Lakewood, MO is 1.57%, significantly higher than both the national median of 0.99% and Missouri's state median of 1.20%. With a median home value of $4,600 in Lakewood, the typical annual property tax bill is $71, which is well below the national median of $2,690. Property taxes in Lakewood are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like those for primary residences and agricultural properties. Understanding Lakewood'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 Lakewood 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
Lakewood, 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 Lakewood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lakewood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lakewood 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 Morgan County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lakewood, Missouri
Property taxes in Lakewood, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lakewood is 1.57%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Lakewood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lakewood 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 Lakewood's effective property tax rate to other areas in Morgan County and the national median. For comparison, the 98498 zip code has the highest median property tax rate of 1.64%, while the 90712 zip code has the lowest median tax rate of 1.49%. Understanding how these cities compare with Lakewood 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 Lakewood Tax Rate
1.57%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lakewood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 90712 | 1.49% | 1.49% | 1.49% | 1.49% | 1.49% |
| 98498 | 1.64% | 1.64% | 1.64% | 1.64% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Lakewood, Missouri
In Lakewood, 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 Lakewood, 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 Lakewood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The 25th percentile tax bill in Lakewood is $64, while the 75th percentile tax bill is $79, and the 90th percentile tax bill reaches $83.
Average Lakewood Assessed Value
$4,600
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 Lakewood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 90712 | $5,800 | $5,800 | $5,800 | $5,800 | $5,800 |
| 98498 | $3,400 | $3,400 | $3,400 | $3,400 | $3,400 |
Source: Ownwell
Property Tax Bills Across Lakewood, Missouri
In Lakewood, Morgan County, MO, property tax bills are calculated based on the assessed value of the property, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. For example, with a median home price of $4,600, homeowners in Lakewood face tax bills that vary significantly. The 25th percentile tax bill is $64, the 75th percentile reaches $79, and the 90th percentile hits $83. These figures indicate a relatively low property tax burden compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property improvements, neighborhood developments, and changes in local government budgets. For homeowners, this means that any changes to their property or shifts in the local economy can directly impact their annual tax obligations. Understanding these variables can help homeowners better anticipate and manage their property tax expenses, ensuring they are prepared for any fluctuations in their tax bills.
Average Lakewood Tax Bill
$71
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lakewood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 90712 | $87 | $87 | $87 | $87 | $87 |
| 98498 | $56 | $56 | $56 | $56 | $56 |
Source: Ownwell