Thornfield, Ozark County, Missouri Property Taxes
The median property tax rate in Thornfield, MO is 0.71%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $59,150, the typical annual property tax bill in Thornfield is about $430, well below the national median of $2,690. Property taxes in Thornfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Thornfield'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 Thornfield 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
Thornfield, Ozark County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$420
$390
Ownwell’s Thornfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Thornfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Thornfield 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 Thornfield, Ozark County, Missouri
Property taxes in Thornfield, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Thornfield is 0.71%, which is lower than the U.S. national median of 0.99%. Local government entities within Thornfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Thornfield 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. Comparing Thornfield's effective property tax rate to other areas provides valuable insights into the varying tax landscape across Ozark County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Thornfield Tax Rate
0.71%
Average Ozark County Tax Rate
0.74%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Thornfield, Ozark County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65762 | 0.62% | 0.66% | 0.71% | 0.74% | 0.74% |
Source: Ownwell
Property Tax Assessment Values Across Thornfield, Ozark County, Missouri
In Thornfield, 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 Ozark 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 Thornfield, 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 Thornfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Thornfield are both $430, found in the 65762 zip code.
Property Tax Assessment Values Across Thornfield, Ozark County, Missouri
Source: Ownwell
$42,800
$63,450
$84,100
Average Thornfield Assessed Value
$59,150
Average Ozark County Assessed Value
$64,800
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Thornfield, Ozark County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65762 | $22,560 | $34,225 | $59,150 | $101,175 | $149,310 |
Source: Ownwell
Property Tax Bills Across Thornfield, Ozark County, Missouri
In Thornfield, located in Ozark County, MO, property tax bills are calculated based on the assessed value of the home, which is a percentage of its market value. The median home price in Thornfield is $59,150. Property tax rates are applied to this assessed value to determine the annual tax bill. Various factors influence the tax bill, including the property's location, size, and any applicable exemptions. For homeowners in Thornfield, the 25th percentile tax bill is $244, while the 75th percentile tax bill is $690. At the 90th percentile, the tax bill rises to $1,013. These figures highlight the range of property tax burdens within the community. Compared to the national median property tax rate of 0.99%, Thornfield's property tax rates can be seen as relatively moderate, providing some relief to homeowners. Understanding how these tax bills are determined helps homeowners better manage their finances and anticipate yearly expenses, ensuring they are prepared for their property tax obligations.
Average Thornfield Tax Bill
$430
Average Ozark County Tax Bill
$481
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Thornfield, Ozark County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65762 | $162 | $244 | $430 | $690 | $1,013 |
Source: Ownwell