Polk, Polk County, Missouri Property Taxes
The median property tax rate in Polk, MO is 0.93%, which is 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 Polk at $45,672, the typical annual property tax bill is around $415, well below the national median of $2,690. Property taxes in Polk 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 Polk'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 Polk 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
Polk, Polk County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$425
$394
Ownwell’s Polk Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Polk with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Polk 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 Polk, Polk County, Missouri
Property taxes in Polk, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Polk is 0.93%, slightly lower than the U.S. national median of 0.99%. Local government entities within Polk set these rates annually, and they can vary significantly across different neighborhoods. Each year, Polk 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 Polk's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65727 zip code has both the highest and lowest median property tax rate of 0.93%. Understanding how these cities compare with Polk 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 Polk Tax Rate
0.93%
Average Polk County Tax Rate
0.91%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Polk, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65727 | 0.67% | 0.81% | 0.93% | 0.97% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Polk, Polk County, Missouri
In Polk, 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 local 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 Polk, 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 Polk helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Polk is $415.00 in the 65727 zip code, while the lowest median tax bill is also $415.00 in the same zip code.
Property Tax Assessment Values Across Polk, Polk County, Missouri
Source: Ownwell
$19,386
$60,099
$100,811
Average Polk Assessed Value
$45,672
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 Polk, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65727 | $7,733 | $17,102 | $45,672 | $82,696 | $111,726 |
Source: Ownwell
Property Tax Bills Across Polk, Polk County, Missouri
In Polk, MO, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in this region is $45,672. Property taxes are then levied by applying the local tax rate to this assessed value. Several factors influence the final tax bill, including the property's location within specific zip codes, local government budgets, and any applicable exemptions or deductions. For example, the 25th percentile tax bill in Polk is $182, while the 75th percentile tax bill is $766. Homeowners in the 90th percentile can expect a tax bill of around $1,097. The highest and lowest median tax bills in Polk are both $415, specifically in zip code 65727. These property taxes fund essential community services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated helps homeowners budget effectively and recognize the value their contributions bring to their community.
Average Polk Tax Bill
$415
Average Polk County Tax Bill
$421
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Polk, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65727 | $124 | $182 | $415 | $766 | $1,097 |
Source: Ownwell