Jerome, Phelps County, Missouri Property Taxes
The median property tax rate in Jerome, MO is 0.94%, slightly below the national median of 0.99% and significantly lower than Missouri's state median of 1.20%. With a median home value of $37,100 in Jerome, the typical annual property tax bill amounts to $348, which is well below the national median of $2,690. Property taxes in Jerome are based on the assessed value, which often falls below the market value due to exemptions like primary residence and agricultural exemptions. Understanding Jerome'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 Jerome or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Jerome, Phelps County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.94%
Estimate Property Tax Bill
$349
$324
Ownwell’s Jerome Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Jerome with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Jerome 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 Jerome, Phelps County, Missouri
Property taxes in Jerome, Missouri, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Jerome is 0.94%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Jerome set these rates annually, and they can vary significantly across different neighborhoods. Each year, Jerome 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 Jerome's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65529 has both the highest and lowest median property tax rate at 0.94%. Understanding how these cities compare with Jerome 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 Jerome Tax Rate
0.94%
Average Phelps County Tax Rate
0.98%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Jerome, Phelps County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65529 | 0.94% | 0.94% | 0.94% | 0.94% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Jerome, Phelps County, Missouri
In Jerome, 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 Assessor's Office 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 Jerome, 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 Jerome helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Jerome is $348.00, found in zip code 65529, while the lowest median tax bill is also $348.00 in the same zip code.
Property Tax Assessment Values Across Jerome, Phelps County, Missouri
Source: Ownwell
$37,100
$78,532
$119,964
Average Jerome Assessed Value
$37,100
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 Jerome, Phelps County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65529 | $3,270 | $13,780 | $37,100 | $67,640 | $101,830 |
Source: Ownwell
Property Tax Bills Across Jerome, Phelps County, Missouri
In Jerome, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. For homeowners in Jerome, the median home price is $37,100. Property tax rates in Jerome are influenced by various factors including the property's assessed value and the local tax rate set by the county. The median property tax rate in Missouri is lower than the national median of 0.99%, which can result in more manageable tax bills for homeowners. For example, the 25th percentile tax bill in Jerome is $129, while the 75th percentile tax bill is $618. At the 90th percentile, homeowners can expect a tax bill of around $955. These figures illustrate the range of property tax bills homeowners might encounter, depending on the value of their property and the specific tax rate applied. Understanding these factors can help homeowners in Jerome anticipate their property tax obligations and plan their finances accordingly.
Average Jerome Tax Bill
$348
Average Phelps County Tax Bill
$1,009
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Jerome, Phelps County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65529 | $31 | $129 | $348 | $618 | $955 |
Source: Ownwell