Tallapoosa, Missouri Property Taxes
The median property tax rate in Tallapoosa, MO, is 1.03%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With a median home value of $14,350, the typical annual property tax bill in Tallapoosa is $145, significantly below the national median of $2,690. Property taxes in Tallapoosa are calculated based on the assessed value, which is generally lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Tallapoosa'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 Tallapoosa 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
Tallapoosa, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.03%
Estimate Property Tax Bill
$148
Ownwell’s Tallapoosa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Tallapoosa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Tallapoosa 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 Tallapoosa, Missouri
Property taxes in Tallapoosa, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Tallapoosa is 1.03%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Tallapoosa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Tallapoosa 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 Tallapoosa's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63878 zip code has the highest median property tax rate of 1.03%, while the 63878 zip code also has the lowest median tax rate of 1.03%. Understanding how these cities compare with Tallapoosa 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 Tallapoosa Tax Rate
1.03%
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 Tallapoosa, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63878 | 1.02% | 1.02% | 1.03% | 1.05% | 1.18% |
Source: Ownwell
Property Tax Assessment Values Across Tallapoosa, Missouri
In TALLAPOOSA, 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 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 TALLAPOOSA, 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 TALLAPOOSA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 63878 has the highest and lowest median tax bill at $145.
Average Tallapoosa Assessed Value
$14,350
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 Tallapoosa, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63878 | $4,050 | $8,325 | $14,350 | $22,125 | $36,710 |
Source: Ownwell
Property Tax Bills Across Tallapoosa, Missouri
In Tallapoosa, New Madrid County, MO, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the tax bill. For example, with a median home price of $14,350, homeowners can expect varying tax bills. The 25th percentile tax bill is around $90, while the 75th percentile tax bill reaches approximately $225. At the 90th percentile, the tax bill can be as high as $397. Several factors influence the tax bill, including the property's location within the county, any applicable exemptions, and the specific tax rate set by local authorities. Compared to the national median property tax rate of 0.99%, Tallapoosa's rates reflect a relatively modest burden on homeowners. This calculation method ensures that property taxes are distributed equitably based on property values, providing necessary funding for local services and infrastructure.
Average Tallapoosa Tax Bill
$145
Average New Madrid County Tax Bill
$513
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Tallapoosa, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63878 | $44 | $90 | $145 | $225 | $397 |
Source: Ownwell