Midway City, Missouri Property Taxes
The median property tax rate in Midway City, MO is 1.21%, slightly higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Midway City, the typical annual property tax bill reaches $211, well below the national median of $2,690. Property taxes in Midway City are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Midway City'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 Midway City 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
Midway City, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$212
Ownwell’s Midway City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Midway City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Midway City 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 Midway City, Missouri
Property taxes in Midway City, Missouri, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Midway City is 1.21%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Midway City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Midway City 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. Understanding how Midway City's effective property tax rate compares to other areas 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 Midway City Tax Rate
1.21%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Midway City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Midway City, Missouri
In Midway City, 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. Assessment notices in Midway City 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 Midway City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Midway City is $17,500, with tax bills ranging from $211 at the 25th percentile to $211 at the 90th percentile.
Average Midway City Assessed Value
$17,500
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 Midway City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Midway City, Missouri
In Midway City, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and reflects a percentage of the property's market value. For homeowners in Midway City, the median home price is $17,500. The property tax rate in this region is applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including changes in the market value of homes and any applicable exemptions or deductions. The property tax bills in Midway City show little variation, with the 25th, 75th, and 90th percentiles all reporting a tax bill of $211. This consistency suggests a relatively stable property tax environment for homeowners. Compared to the national median property tax rate of 0.99%, Midway City's property taxes are notably lower. This lower tax burden can benefit homeowners by reducing their annual expenses, making it easier to manage homeownership costs and potentially increasing the appeal of living in this area.
Average Midway City Tax Bill
$211
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Midway City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell