Duke, Phelps County, Missouri Property Taxes
The median property tax rate in Duke, MO is 0.66%, considerably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Duke, the typical annual property tax bill reaches $447, significantly below the national median of $2,690. Property taxes in Duke are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Duke'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 Duke 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
Duke, Phelps County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.66%
Estimate Property Tax Bill
$386
$358
Ownwell’s Duke Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Duke with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Duke 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 Duke, Phelps County, Missouri
Property taxes in Duke, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Duke is 0.66%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Duke set these rates annually, and they can vary significantly across different neighborhoods. Each year, Duke 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 Duke's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65461 has both the highest and lowest median property tax rate of 0.66%. Understanding how these cities compare with Duke provides valuable insights into the varying tax landscape across Phelps County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Duke Tax Rate
0.66%
Average Phelps County Tax Rate
0.98%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Duke, Phelps County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65461 | 0.62% | 0.64% | 0.66% | 0.89% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Duke, Phelps County, Missouri
In Duke, 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 Phelps 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 Duke, 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 Duke helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Duke is $447.00 in zip code 65461, which is considerably lower than the national median property tax rate of 0.99%.
Property Tax Assessment Values Across Duke, Phelps County, Missouri
Source: Ownwell
$37,100
$78,532
$119,964
Average Duke Assessed Value
$58,515
Average Phelps County Assessed Value
$106,880
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Duke, Phelps County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65461 | $12,845 | $36,030 | $58,515 | $103,158 | $160,245 |
Source: Ownwell
Property Tax Bills Across Duke, Phelps County, Missouri
In Duke, located in Phelps County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is typically a percentage of the market value of the property. For instance, with a median home price of $58,515, the tax bill can vary significantly. Homeowners in the 25th percentile see tax bills around $264, while those in the 75th percentile face about $779. The top 10% of tax bills can reach up to $1,353. Several factors influence these tax bills, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. Comparatively, the property tax rate in Duke is relatively modest when considering the national median property tax rate of 0.99%. This means that homeowners in Duke generally have lower property tax burdens compared to many other regions. However, the variability in tax bills can still significantly impact household budgets, making it essential for homeowners to understand their tax obligations fully.
Average Duke Tax Bill
$447
Average Phelps County Tax Bill
$1,009
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Duke, Phelps County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65461 | $81 | $264 | $447 | $779 | $1,353 |
Source: Ownwell