Otterville, Missouri Property Taxes
The median property tax rate in Otterville, MO is 1.02%, slightly above the national median of 0.99% but below Missouri's state median of 1.20%. With a median home value of $95,800 in Otterville, the typical annual property tax bill is $977, which is lower than the national median of $2,690. Property taxes in Otterville are based on the assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Otterville'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 Otterville or another part of Morgan County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Otterville, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.02%
Estimate Property Tax Bill
$977
Ownwell’s Otterville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otterville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otterville 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 Otterville, Missouri
Property taxes in Otterville, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otterville is 1.02%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Otterville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otterville 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 Otterville's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65348 zip code has the highest median property tax rate of 1.02%, while the 65348 zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Otterville 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 Otterville Tax Rate
1.02%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otterville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65348 | 0.87% | 0.94% | 1.02% | 1.08% | 1.08% |
Source: Ownwell
Property Tax Assessment Values Across Otterville, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Otterville, Missouri. 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 Otterville, 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. For instance, the median home price in Otterville is $95,800, with tax bills ranging from $469 at the 25th percentile to $2,401 at the 90th percentile. The zip code with both the highest and lowest median tax bill is 65348, with a tax bill of $977. By understanding these valuation concepts, property owners can better navigate their tax responsibilities and identify opportunities for protesting assessments or applying for exemptions to effectively manage their tax burden.
Average Otterville Assessed Value
$95,800
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 Otterville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65348 | $13,200 | $53,375 | $95,800 | $182,625 | $237,900 |
Source: Ownwell
Property Tax Bills Across Otterville, Missouri
In Otterville, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value typically represents a percentage of the market value of the home. For example, with a median home price of $95,800, the assessed value would be a fraction of this amount. The tax rate is then applied to the assessed value to calculate the annual property tax bill. Homeowners in Otterville can expect significant variations in their tax bills. The 25th percentile tax bill is around $469, while the 75th percentile reaches $1,796. At the higher end, the 90th percentile tax bill can be as much as $2,401. Comparing this to the national median property tax rate of 0.99%, Otterville's tax bills reflect the local tax rate and assessed values, impacting homeowners differently based on their property values. This system ensures that property taxes are proportionate to the value of the property, affecting homeowners' annual financial obligations.
Average Otterville Tax Bill
$977
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Otterville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65348 | $104 | $469 | $977 | $1,796 | $2,401 |
Source: Ownwell