Versailles, Morgan County, Missouri Property Taxes
The median property tax rate in Versailles, MO is 0.84%, 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 $67,500 in Versailles, the typical annual property tax bill amounts to $536, significantly below the national median of $2,690. Property taxes in Versailles are calculated 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 Versailles' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Versailles 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
Versailles, Morgan County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$567
$526
Ownwell’s Versailles Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Versailles with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Versailles 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 Versailles, Morgan County, Missouri
Property taxes in Versailles, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Versailles is 0.84%, lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Versailles set these rates annually, and they can vary significantly across different neighborhoods. Each year, Versailles 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 Versailles' effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65084 has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Versailles 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 Versailles Tax Rate
0.84%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Versailles, Morgan County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65084 | 0.68% | 0.76% | 0.84% | 0.85% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Versailles, Morgan County, Missouri
In Versailles, 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 Versailles, 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. For example, the highest median tax bill in Versailles is $536 in the 65084 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Versailles, Morgan County, Missouri
Source: Ownwell
$1,750
$74,875
$148,000
Average Versailles Assessed Value
$67,500
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 Versailles, Morgan County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65084 | $10,940 | $33,200 | $67,500 | $118,975 | $192,530 |
Source: Ownwell
Property Tax Bills Across Versailles, Morgan County, Missouri
In Versailles, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Versailles stands at $67,500. Local tax authorities determine the assessed value, and this figure is then multiplied by the local tax rate to calculate the tax bill. The national median property tax rate is 0.99%, but local rates can vary. For homeowners in Versailles, the tax bill can range significantly. At the 25th percentile, the tax bill is $274, while at the 75th percentile, it reaches $913. The 90th percentile sees tax bills as high as $1,482. The highest and lowest median tax bills are both $536, specifically in the 65084 zip code. These variations in tax bills can significantly impact homeowners, influencing their annual budgeting and overall cost of homeownership. Understanding these factors is crucial for managing financial expectations and planning.
Average Versailles Tax Bill
$536
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Versailles, Morgan County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65084 | $96 | $274 | $536 | $913 | $1,482 |
Source: Ownwell