Tipton, Morgan County, Missouri Property Taxes
The median property tax rate in Tipton, MO is 0.94%, slightly below both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Tipton at $123,250, the typical annual property tax bill amounts to $976, which is significantly lower than the national median of $2,690. Property taxes in Tipton are calculated based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Tipton's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial annual savings. Whether residing in Tipton or elsewhere in Morgan County, gaining insight into the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Tipton, Morgan County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$1,159
$1,075
Ownwell’s Tipton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tipton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tipton 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 Tipton, Morgan County, Missouri
Property taxes in Tipton, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tipton is 0.94%, slightly below the U.S. national median of 0.99%. Local government entities within Tipton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tipton 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 Tipton's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65081 zip code has the highest median property tax rate of 0.94%, while the same zip code also has the lowest median tax rate of 0.94%. Understanding how these cities compare with Tipton 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 Tipton 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 Tipton, Morgan County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65081 | 0.77% | 0.85% | 0.94% | 0.94% | 1.41% |
Source: Ownwell
Property Tax Assessment Values Across Tipton, Morgan County, Missouri
In Tipton, 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 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 Tipton, 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. The median home price in Tipton is $123,250, with the tax bill at the 25th percentile being $441 and at the 75th percentile being $1,658. The highest and lowest median tax bill in the area is $976, both occurring in the 65081 zip code. 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 Tipton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Tipton, Morgan County, Missouri
Source: Ownwell
$1,750
$74,875
$148,000
Average Tipton Assessed Value
$123,250
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 Tipton, Morgan County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65081 | $4,850 | $53,825 | $123,250 | $194,800 | $238,150 |
Source: Ownwell
Property Tax Bills Across Tipton, Morgan County, Missouri
In Tipton, Missouri, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the assessed value, including the property's size, location, and condition. For homeowners in Tipton, the median home price is $123,250. Property tax bills can vary significantly, with the 25th percentile at $441 and the 75th percentile reaching $1,658. The highest median tax bill in the area is $976, which is notably below the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, public safety, and infrastructure. Consequently, the amount homeowners pay directly impacts the quality and availability of these services. Understanding how property tax bills are calculated helps homeowners anticipate their annual expenses and manage their budgets more effectively.
Average Tipton Tax Bill
$976
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Tipton, Morgan County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65081 | $52 | $441 | $976 | $1,658 | $2,158 |
Source: Ownwell