Urbana, Polk County, Missouri Property Taxes
The median property tax rate in Urbana, MO is 0.89%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $55,147 in Urbana, the typical annual property tax bill is approximately $568, significantly below the national median of $2,690. Property taxes in Urbana are calculated based on the assessed value, which is often less than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Urbana'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 Urbana or another part of Polk County, grasping the local property tax system benefits both homeowners and real estate investors.
Last Updated June 14, 2024
Urbana, Polk County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.89%
Estimate Property Tax Bill
$491
$455
Ownwell’s Urbana Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Urbana with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Urbana 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 Urbana, Polk County, Missouri
Property taxes in Urbana, Missouri, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Urbana is 0.89%, which is slightly below the U.S. national median of 0.99%. Local government entities within Urbana set these rates annually, and they can vary significantly across different neighborhoods. Each year, Urbana 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 Urbana's effective property tax rate to other areas and the national median. For comparison, the zip code 65767 has both the highest and lowest median property tax rate of 0.89%, which aligns with Urbana's rate. Understanding how these areas compare with Urbana 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 Urbana Tax Rate
0.89%
Average Polk County Tax Rate
0.91%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Urbana, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65767 | 0.77% | 0.82% | 0.89% | 0.92% | 0.94% |
Source: Ownwell
Property Tax Assessment Values Across Urbana, Polk County, Missouri
In Urbana, 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 Urbana, 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 Urbana helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Urbana is $55,147, with tax bills ranging from $266 at the 25th percentile to $1,265 at the 90th percentile. The highest and lowest median tax bills are both $568, found in zip code 65767.
Property Tax Assessment Values Across Urbana, Polk County, Missouri
Source: Ownwell
$19,386
$60,099
$100,811
Average Urbana Assessed Value
$55,147
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 Urbana, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65767 | $14,593 | $27,384 | $55,147 | $111,056 | $146,863 |
Source: Ownwell
Property Tax Bills Across Urbana, Polk County, Missouri
In Urbana, located in Polk County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Homeowners in Urbana face a median home price of $55,147, which influences their property tax obligations. For instance, tax bills in Urbana can vary significantly, with the 25th percentile paying around $266, while those in the 75th percentile face bills of approximately $1,030. The highest median tax bill in the area is $568, found in the 65767 zip code. These figures indicate a range of tax burdens depending on the property's assessed value and specific location within the city. Compared to the national median property tax rate of 0.99%, Urbana's property taxes can be relatively modest, but they still represent a significant consideration for homeowners, affecting their overall housing costs and financial planning.
Average Urbana Tax Bill
$568
Average Polk County Tax Bill
$421
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Urbana, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65767 | $219 | $266 | $568 | $1,030 | $1,265 |
Source: Ownwell