Lincoln, Missouri Property Taxes
The median property tax rate in Lincoln, MO is 0.87%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $4,000 in Lincoln, the typical annual property tax bill is $62, significantly below the national median of $2,690. Property taxes in Lincoln are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Lincoln'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 Lincoln 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
Lincoln, 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 Lincoln Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lincoln with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lincoln 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 Lincoln, Missouri
Property taxes in Lincoln, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lincoln is 0.87%, slightly below the Missouri state median and the U.S. national median of 0.99%. Local government entities within Lincoln set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lincoln 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. For comparison, the zip code 65338 has the highest median property tax rate of 1.54%, while zip code 68506 has the lowest median tax rate of 0.84%. Understanding how these areas compare with Lincoln 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 Lincoln Tax Rate
0.87%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lincoln, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62656 | 0.87% | 0.87% | 0.87% | 0.87% | 0.87% |
| 65338 | 1.54% | 1.54% | 1.54% | 1.54% | 1.54% |
| 68506 | 0.84% | 0.84% | 0.84% | 0.84% | 0.84% |
Source: Ownwell
Property Tax Assessment Values Across Lincoln, Missouri
In Lincoln, 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 local 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 Lincoln, 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 Lincoln helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 62656, with a value of $163, while the lowest median tax bill also falls under the same zip code at $163.
Average Lincoln Assessed Value
$4,000
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 Lincoln, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62656 | $18,700 | $18,700 | $18,700 | $18,700 | $18,700 |
| 65338 | $4,000 | $4,000 | $4,000 | $4,000 | $4,000 |
| 68506 | $3,500 | $3,500 | $3,500 | $3,500 | $3,500 |
Source: Ownwell
Property Tax Bills Across Lincoln, Missouri
In Lincoln, property tax bills are calculated based on the assessed value of your home, which is determined by the local tax assessor. This assessed value is then multiplied by the local tax rate to determine your annual property tax bill. For homeowners in Morgan County, the tax bills vary significantly. The 25th percentile tax bill stands at $46, while the 75th percentile reaches $112. Homeowners in the 90th percentile can expect to pay around $143 annually. Compared to the national median property tax rate of 0.99%, Lincoln's rates are relatively low. The highest median tax bill in the area is $163, which is still modest compared to national figures. These property taxes fund essential public services such as schools, infrastructure, and emergency services, directly impacting the community's quality of life. For homeowners, understanding these factors is crucial for financial planning and assessing the overall cost of owning property in Lincoln.
Average Lincoln Tax Bill
$62
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lincoln, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62656 | $163 | $163 | $163 | $163 | $163 |
| 65338 | $62 | $62 | $62 | $62 | $62 |
| 68506 | $29 | $29 | $29 | $29 | $29 |
Source: Ownwell