Laredo, Missouri Property Taxes
The median property tax rate in Laredo, MO is 0.42%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $157,320, the typical annual property tax bill in Laredo amounts to $656, which is well below the national median of $2,690. Property taxes in Laredo are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Laredo'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 Laredo or another part of Sullivan County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Laredo, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.42%
Estimate Property Tax Bill
$661
Ownwell’s Laredo Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Laredo with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Laredo 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 Laredo, Missouri
Property taxes in Laredo, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Laredo is 0.42%, which is lower than the U.S. national median of 0.99%. Local government entities within Laredo set these rates annually, and they can vary significantly across different neighborhoods. Each year, Laredo 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 Laredo's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64652 zip code has both the highest and the lowest median property tax rate of 0.42%. Understanding how these cities compare with Laredo provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Laredo Tax Rate
0.42%
Average Sullivan County Tax Rate
0.37%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Laredo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64652 | 0.42% | 0.42% | 0.42% | 0.42% | 0.42% |
Source: Ownwell
Property Tax Assessment Values Across Laredo, Missouri
In Laredo, 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 Sullivan 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 Laredo, 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. For instance, the highest median tax bill in Laredo is $656 in the 64652 zip code, which also has the lowest median tax bill of $656. 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 Laredo helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Laredo Assessed Value
$157,320
Average Sullivan County Assessed Value
$82,754
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Laredo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64652 | $157,320 | $157,320 | $157,320 | $157,320 | $157,320 |
Source: Ownwell
Property Tax Bills Across Laredo, Missouri
In Laredo, Sullivan County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in the area is $157,320. The local tax rate is applied to this assessed value to determine the final tax bill. Factors such as property location, improvements, and exemptions can influence the assessed value. For homeowners in Laredo, the tax bill can significantly impact their annual expenses. The median tax bill is $656, which is considerably lower than the national median property tax rate of 0.99%. This relatively low tax rate can make homeownership more affordable in Laredo compared to other regions. However, it’s crucial for homeowners to stay informed about any changes in property values or tax rates, as these can affect their annual tax obligations. Understanding how these factors interplay helps homeowners manage their finances more effectively.
Average Laredo Tax Bill
$656
Average Sullivan County Tax Bill
$330
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Laredo, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64652 | $656 | $656 | $656 | $656 | $656 |
Source: Ownwell