Mexico, Missouri Property Taxes
The median property tax rate in Mexico, MO is 0.90%, 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 $42,050, the typical annual property tax bill in Mexico is just $334, far below the national median of $2,690. Property taxes in Mexico are determined based on the assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. By understanding Mexico's property tax system and exploring available exemptions, homeowners and real estate investors can uncover opportunities for significant annual savings. Whether you're residing in Mexico or investing in property within the city, a thorough grasp of the local property tax regulations can lead to substantial financial benefits.
Last Updated June 14, 2024
Mexico, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.9%
Estimate Property Tax Bill
$378
Ownwell’s Mexico Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Mexico with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Mexico 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 Mexico, Missouri
Property taxes in Mexico, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Mexico is 0.90%, which is below the U.S. national median of 0.99%. Local government entities within Mexico set these rates annually, and they can vary significantly across different neighborhoods. Each year, Mexico 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 Mexico's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65265 zip code has both the highest and lowest median property tax rate of 0.90%. Understanding how these cities compare with Mexico 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 Mexico Tax Rate
0.90%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mexico, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65265 | 0.85% | 0.89% | 0.90% | 1.29% | 2.57% |
Source: Ownwell
Property Tax Assessment Values Across Mexico, Missouri
In Mexico, 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 Mexico, 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 Mexico helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $334 in the 65265 zip code, while the lowest median tax bill is also $334 in the same zip code.
Average Mexico Assessed Value
$42,050
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 Mexico, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65265 | $1,140 | $1,725 | $42,050 | $124,725 | $186,480 |
Source: Ownwell
Property Tax Bills Across Mexico, Missouri
In Mexico, located in Morgan County, MO, property tax bills are determined by assessing the value of a property and applying the local tax rate. The assessed value is typically a percentage of the property's market value. For instance, with a median home price of $42,050, the property tax bill can vary significantly. Factors such as location, property size, and improvements play a crucial role in the assessment. Homeowners in Mexico can expect tax bills to range widely. The 25th percentile tax bill is around $38, while the 75th percentile reaches $1,167, and the 90th percentile can go up to $1,592. These figures illustrate the variability in tax obligations, reflecting differences in property values and specific circumstances. Compared to the national median property tax rate of 0.99%, Mexico's property tax rates offer a diverse financial landscape for homeowners. This variability can significantly impact household budgets, making it essential for property owners to understand their assessed values and potential tax liabilities.
Average Mexico Tax Bill
$334
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Mexico, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65265 | $24 | $38 | $334 | $1,167 | $1,592 |
Source: Ownwell