Prophetstown, Missouri Property Taxes
The median property tax rate in Prophetstown, MO is 0.85%, 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 $6,900 in Prophetstown, the typical annual property tax bill is $59, significantly less than the national median of $2,690. Property taxes in Prophetstown are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Prophetstown'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 Prophetstown 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
Prophetstown, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$59
Ownwell’s Prophetstown Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Prophetstown with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Prophetstown 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 Prophetstown, Missouri
Property taxes in Prophetstown, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Prophetstown is 0.85%, lower than the U.S. national median of 0.99%. Local government entities within Prophetstown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Prophetstown 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 Prophetstown's effective property tax rate to other counties in Missouri and the national median. For comparison, the 61277 zip code has the highest median property tax rate of 0.85%, while the same 61277 zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Prophetstown 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 Prophetstown Tax Rate
0.85%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Prophetstown, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61277 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Prophetstown, Missouri
In Prophetstown, 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 Prophetstown, 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 Prophetstown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Prophetstown, the median home price stands at $6,900. The tax bills for the 25th, 75th, and 90th percentiles are all $59, highlighting a consistent tax burden across different property values.
Average Prophetstown Assessed Value
$6,900
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 Prophetstown, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61277 | $6,900 | $6,900 | $6,900 | $6,900 | $6,900 |
Source: Ownwell
Property Tax Bills Across Prophetstown, Missouri
In Prophetstown, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a property, which is derived from its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For homeowners in Prophetstown, the median home price stands at $6,900. The property tax rate in the area is notably lower than the national median rate of 0.99%, leading to relatively modest tax bills. For instance, tax bills at the 25th, 75th, and 90th percentiles are uniformly set at $59, illustrating a consistent tax burden across various property values. This consistent tax bill can be attributed to the relatively low property values in the region, which helps in maintaining affordability for homeowners. The lower tax rates and uniform tax bills can significantly ease the financial burden on property owners, making homeownership more accessible and sustainable in Prophetstown.
Average Prophetstown Tax Bill
$59
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Prophetstown, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61277 | $59 | $59 | $59 | $59 | $59 |
Source: Ownwell