Otterville, Missouri Property Taxes
The median property tax rate in Otterville, MO is 0.92%, slightly lower than the national median of 0.99% and significantly below Missouri's state median of 1.20%. With a median home value of $78,790 in Otterville, the typical annual property tax bill amounts to $720, which is much less than the national median of $2,690. Property taxes in Otterville are calculated 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 Otterville'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 Otterville or another part of Pettis County, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Otterville, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Otterville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Otterville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Otterville 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 Otterville, Missouri
Property taxes in Otterville, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Otterville is 0.92%, slightly lower than the U.S. national median of 0.99%. Local government entities within Otterville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Otterville 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 Otterville's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65348 zip code has the highest median property tax rate of 0.92%, while the same zip code also has the lowest median tax rate of 0.92%. Understanding how these cities compare with Otterville provides valuable insights into the varying tax landscape across Pettis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Otterville Tax Rate
0.92%
Average Pettis County Tax Rate
1.16%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Otterville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65348 | 0.89% | 0.91% | 0.92% | 0.95% | 1.05% |
Source: Ownwell
Property Tax Assessment Values Across Otterville, Missouri
In Otterville, 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 Pettis 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 Otterville, 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 Otterville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Otterville is $78,790, with median tax bills ranging from $626 at the 25th percentile to $1,550 at the 90th percentile. The zip code 65348 has both the highest and lowest median tax bill, standing at $720.
Average Otterville Assessed Value
$78,790
Average Pettis County Assessed Value
$83,765
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Otterville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65348 | $26,628 | $68,020 | $78,790 | $102,520 | $156,360 |
Source: Ownwell
Property Tax Bills Across Otterville, Missouri
In Otterville, Pettis County, MO, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. For instance, with a median home price of $78,790, homeowners can expect varying tax bills depending on their property's assessed value and the specific tax rate applied. Several factors influence the final tax bill, including property improvements, neighborhood developments, and changes in local tax rates. In Otterville, the 25th percentile tax bill is around $626, while the 75th percentile reaches $901, and the 90th percentile can go up to $1,550. These variations reflect the differences in property values and local tax rates within the area. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual expenses. Comparing these figures to the national median property tax rate of 0.99% provides a clearer picture of where Otterville stands in relation to the broader market.
Average Otterville Tax Bill
$720
Average Pettis County Tax Bill
$930
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Otterville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65348 | $253 | $626 | $720 | $901 | $1,550 |
Source: Ownwell