Portageville, Missouri Property Taxes
The median property tax rate in Portageville, MO is 0.85%, lower than both the national median of 0.99% and Missouri's state median of 1.20%. With a median home value of $58,300 in Portageville, the typical annual property tax bill is $497, well below the national median of $2,690. Property taxes in Portageville are based on the tax-assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Portageville'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 Portageville 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
Portageville, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$496
Ownwell’s Portageville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Portageville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Portageville 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 Portageville, Missouri
Property taxes in Portageville, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Portageville is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Portageville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Portageville 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 Portageville's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 63873 has both the highest and lowest median property tax rate of 0.85%, matching Portageville's rate. Understanding how these areas compare with Portageville provides valuable insights into the varying tax landscape across New Madrid County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Portageville Tax Rate
0.85%
Average New Madrid County Tax Rate
0.94%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Portageville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63873 | 0.84% | 0.84% | 0.85% | 0.85% | 0.87% |
Source: Ownwell
Property Tax Assessment Values Across Portageville, Missouri
In Portageville, 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 New Madrid 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. 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 Portageville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 63873 has both the highest and lowest median tax bill at $497.
Average Portageville Assessed Value
$58,300
Average New Madrid County Assessed Value
$54,200
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Portageville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63873 | $20,490 | $34,700 | $58,300 | $87,675 | $139,230 |
Source: Ownwell
Property Tax Bills Across Portageville, Missouri
In Portageville, located in New Madrid County, MO, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Portageville is $58,300. Property taxes are influenced by the local tax rate and the assessed value of the property. Homeowners in Portageville typically see tax bills ranging from $294 at the 25th percentile to $744 at the 75th percentile, with the 90th percentile reaching up to $1,172. The highest and lowest median tax bills in the area are both $497, which is significantly lower than the national median property tax rate of 0.99%. This relatively low tax burden can make homeownership more affordable in Portageville compared to other parts of the country. Homeowners should be aware that their tax bill can vary based on changes in property values and local tax rates. Understanding these factors can help homeowners better manage their financial planning and property investments.
Average Portageville Tax Bill
$497
Average New Madrid County Tax Bill
$513
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Portageville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63873 | $176 | $294 | $497 | $744 | $1,172 |
Source: Ownwell