Walnut Grove, Polk County, Missouri Property Taxes
The median property tax rate in Walnut Grove, MO is 0.95%, 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 $67,833 in Walnut Grove, the typical annual property tax bill amounts to $615, which is considerably less than the national median of $2,690. Property taxes in Walnut Grove are calculated based on the assessed value, which is often lower than the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Walnut 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 Walnut Grove or another part of the city, gaining insights into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Walnut Grove, Polk County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$644
$598
Ownwell’s Walnut Grove Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Walnut Grove with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Walnut Grove 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 Walnut Grove, Polk County, Missouri
Property taxes in Walnut Grove, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Walnut Grove is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Walnut Grove set these rates annually, and they can vary significantly across different neighborhoods. Each year, Walnut 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 Walnut Grove's effective property tax rate to other areas in Missouri and the national median. For comparison, the highest and lowest median property tax rates in the region are both 0.95%, found in the zip code 65770. Understanding how these areas compare with Walnut 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 Walnut Grove Tax Rate
0.95%
Average Polk County Tax Rate
0.91%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Walnut Grove, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65770 | 0.75% | 0.88% | 0.95% | 1.01% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Walnut Grove, Polk County, Missouri
In Walnut 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 Walnut 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 Walnut Grove helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $615.00 in the 65770 zip code, while the lowest median tax bill is also $615.00 in the same zip code.
Property Tax Assessment Values Across Walnut Grove, Polk County, Missouri
Source: Ownwell
$19,386
$60,099
$100,811
Average Walnut Grove Assessed Value
$67,833
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 Walnut Grove, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65770 | $18,010 | $31,680 | $67,833 | $119,765 | $163,604 |
Source: Ownwell
Property Tax Bills Across Walnut Grove, Polk County, Missouri
Property tax bills in Walnut Grove, located in Polk County, MO, are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Homeowners in Walnut Grove can expect their tax bills to vary significantly, with the 25th percentile at $268 and the 75th percentile reaching $1129. The highest median tax bill in the area is $615, a figure consistent across different zip codes. Several factors influence the final tax bill, including the property's location, size, and any applicable exemptions. These taxes are crucial for funding local services such as schools, infrastructure, and emergency services. While the median home price in Walnut Grove is $67,833, the property tax rate is relatively favorable compared to the national median of 0.99%. This can make homeownership more affordable, although higher-valued properties will naturally incur higher tax bills, potentially impacting long-term financial planning for homeowners.
Average Walnut Grove Tax Bill
$615
Average Polk County Tax Bill
$421
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Walnut Grove, Polk County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65770 | $158 | $268 | $615 | $1,129 | $1,630 |
Source: Ownwell