Thousand Oaks, Missouri Property Taxes
The median property tax rate in Thousand Oaks, MO is 0.94%, slightly below the national median of 0.99% and significantly lower than the Missouri state median of 1.20%. With the median home value in Thousand Oaks at $5,800, the typical annual property tax bill is around $54, far below the national median of $2,690. Property taxes in Thousand Oaks are calculated based on the assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Thousand Oaks' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Thousand Oaks 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
Thousand Oaks, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$55
Ownwell’s Thousand Oaks Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Thousand Oaks with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Thousand Oaks to provide an estimated property tax bill. This valuable tool offers a clear understanding of potential tax liabilities, empowering you to make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Thousand Oaks, Missouri
Property taxes in Thousand Oaks, Missouri, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Thousand Oaks is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Thousand Oaks set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thousand Oaks 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 Thousand Oaks' effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 91360 has both the highest and lowest median property tax rate of 0.94%. Understanding how these cities compare with Thousand Oaks 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 Thousand Oaks Tax Rate
0.94%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thousand Oaks, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 91360 | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Thousand Oaks, Missouri
In Thousand Oaks, 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 Assessor's Office 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 Thousand Oaks, 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 Thousand Oaks helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Thousand Oaks is $5,800, with tax bills at the 25th, 75th, and 90th percentiles all standing at $54.
Average Thousand Oaks Assessed Value
$5,800
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 Thousand Oaks, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 91360 | $5,800 | $5,800 | $5,800 | $5,800 | $5,800 |
Source: Ownwell
Property Tax Bills Across Thousand Oaks, Missouri
Property tax bills in Thousand Oaks, located in Morgan County, MO, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value, reflecting what the property could potentially sell for in the current market. In Thousand Oaks, the median home price is $5,800. Once the assessed value is determined, local tax rates are applied to calculate the final tax bill. These rates can vary depending on the specific needs and budget requirements of the local government, school districts, and other public services. For example, the tax bill for homeowners at the 25th, 75th, and 90th percentiles is consistently around $54, indicating a relatively uniform tax rate across different property values. This system ensures that property taxes are proportional to the value of the property, providing essential funding for community services while impacting homeowners based on their property's worth. Homeowners in Thousand Oaks benefit from this predictable and equitable approach to property taxation.
Average Thousand Oaks Tax Bill
$54
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Thousand Oaks, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 91360 | $54 | $54 | $54 | $54 | $54 |
Source: Ownwell