Fair Grove, Polk County, Missouri Property Taxes
The median property tax rate in Fair Grove, MO is 1.00%, slightly above the national median of 0.99% but lower than the Missouri state median of 1.20%. With the median home value in Fair Grove at $100,811, the typical annual property tax bill amounts to $992, which is below the national median of $2,690. Property taxes in Fair Grove are calculated based on the assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Fair Grove'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 Fair Grove or another part of the city, understanding the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Fair Grove, Polk County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$1,008
$935
Ownwell’s Fair Grove Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Fair Grove with just two data points. By entering your property's estimated assessed value, the calculator utilizes the median tax rate in Fair Grove to provide an accurate estimate of your property tax bill. This valuable tool aids in understanding potential tax liabilities. For those interested in more detailed trends at the neighborhood level, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Fair Grove, Polk County, Missouri
Property taxes in Fair Grove, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Fair Grove is 1.00%, slightly higher than the U.S. national median of 0.99%. Local government entities within Fair Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Fair Grove 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 Fair Grove's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65648 zip code has both the highest and lowest median property tax rate of 1.00%. Understanding how these cities compare with Fair Grove provides valuable insights into the varying tax landscape across Polk County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Fair Grove Tax Rate
1.00%
Average Polk County Tax Rate
0.91%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Fair Grove, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65648 | 0.86% | 0.95% | 1.00% | 1.05% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Fair Grove, Polk County, Missouri
In Fair Grove, 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 Polk 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 Fair Grove, 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 Fair Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest and lowest median tax bill is 65648, both at $992.
Property Tax Assessment Values Across Fair Grove, Polk County, Missouri
Source: Ownwell
$19,386
$60,099
$100,811
Average Fair Grove Assessed Value
$100,811
Average Polk County Assessed Value
$49,465
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Fair Grove, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65648 | $37,536 | $74,147 | $100,811 | $162,952 | $201,916 |
Source: Ownwell
Property Tax Bills Across Fair Grove, Polk County, Missouri
In Fair Grove, located in Polk County, MO, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The median home price in Fair Grove is $100,811. Homeowners in this area can expect a property tax bill that varies widely depending on their property's value and specific circumstances. For instance, the tax bill at the 25th percentile is about $722, while at the 75th percentile, it's approximately $1,566. At the 90th percentile, the tax bill can reach up to $1,912. These property taxes are influenced by several factors, including the local tax rate and any applicable exemptions or deductions. Compared to the national median property tax rate of 0.99%, Fair Grove's property tax bills offer a range that can significantly impact homeowners' annual expenses. Understanding these factors can help homeowners better anticipate their financial obligations and plan accordingly.
Average Fair Grove Tax Bill
$992
Average Polk County Tax Bill
$421
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Fair Grove, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65648 | $353 | $722 | $992 | $1,566 | $1,912 |
Source: Ownwell