Half Way, Polk County, Missouri Property Taxes
The median property tax rate in Half Way, MO is 0.91%, slightly below the national median of 0.99% and significantly lower than the Missouri state median of 1.20%. With the median home value in Half Way, the typical annual property tax bill is $350, which is notably less than the national median of $2,690. Property taxes in Half Way are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Half Way'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 Half Way or another part of Polk County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Half Way, Polk County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.91%
Estimate Property Tax Bill
$392
$364
Ownwell’s Half Way Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Half Way with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Half Way 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 Half Way, Polk County, Missouri
Property taxes in Half Way, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Half Way is 0.91%, which is slightly below the U.S. national median of 0.99%. Local government entities within Half Way set these rates annually, and they can vary significantly across different neighborhoods. Each year, Half Way 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 Half Way's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65663 has the highest median property tax rate of 0.91%, while the same zip code also has the lowest median tax rate of 0.91%. Understanding how these cities compare with Half Way 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 Half Way Tax Rate
0.91%
Average Polk County Tax Rate
0.91%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Half Way, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65663 | 0.66% | 0.80% | 0.91% | 0.94% | 0.99% |
Source: Ownwell
Property Tax Assessment Values Across Half Way, Polk County, Missouri
In Half Way, 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 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. 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 Half Way helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Half Way, the highest and lowest median tax bills are both $350 in the 65663 zip code. The median home price is $43,092, with tax bills ranging from $196 at the 25th percentile to $1,107 at the 90th percentile.
Property Tax Assessment Values Across Half Way, Polk County, Missouri
Source: Ownwell
$19,386
$60,099
$100,811
Average Half Way Assessed Value
$43,092
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 Half Way, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65663 | $13,558 | $21,522 | $43,092 | $79,522 | $123,834 |
Source: Ownwell
Property Tax Bills Across Half Way, Polk County, Missouri
In Half Way, located in Polk County, MO, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The median home price in this area is $43,092. Homeowners can expect their property tax bill to be influenced by several factors, including the assessed value and the local tax rate. For example, the 25th percentile tax bill is around $196, while the 75th percentile tax bill is approximately $689. At the higher end, the 90th percentile tax bill reaches $1,107. These tax bills have a significant impact on homeowners, as they directly affect the cost of owning property in the area. Compared to the national median property tax rate of 0.99%, the property tax rates in Half Way may seem relatively manageable, but they still represent a crucial expense that homeowners must budget for annually. Understanding these factors can help homeowners better anticipate and manage their property tax obligations.
Average Half Way Tax Bill
$350
Average Polk County Tax Bill
$421
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Half Way, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65663 | $120 | $196 | $350 | $689 | $1,107 |
Source: Ownwell