Lake Sherwood, Missouri Property Taxes
The median property tax rate in Lake Sherwood, MO is 1.20%, which is higher than the national median of 0.99%. With a median home value in Lake Sherwood, the typical annual property tax bill amounts to $1,311, surpassing the national median of $2,690. Property taxes here are calculated based on the tax assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Lake Sherwood'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 Lake Sherwood 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
Lake Sherwood, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Lake Sherwood Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Sherwood with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Sherwood 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 Lake Sherwood, Missouri
Property taxes in Lake Sherwood, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Sherwood is 1.20%, significantly higher than the U.S. national median of 0.99%. Local government entities within Lake Sherwood set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Sherwood 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 Lake Sherwood's effective property tax rate to other counties in Missouri and the national median. For comparison, the highest and lowest median property tax rate in Warren County is also 1.20%, making Lake Sherwood's rate consistent with the county average. Understanding how these cities compare with Lake Sherwood provides valuable insights into the varying tax landscape across Warren County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Sherwood Tax Rate
1.20%
Average Warren County Tax Rate
1.14%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Sherwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63357 | 1.20% | 1.20% | 1.20% | 1.20% | 1.20% |
Source: Ownwell
Property Tax Assessment Values Across Lake Sherwood, Missouri
In Lake Sherwood, 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 Warren County Assessor's Office 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 Lake Sherwood, 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 Lake Sherwood helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1,311, found in zip code 63357.
Average Lake Sherwood Assessed Value
$109,361
Average Warren County Assessed Value
$120,064
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Sherwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63357 | $109,361 | $109,361 | $109,361 | $109,361 | $109,361 |
Source: Ownwell
Property Tax Bills Across Lake Sherwood, Missouri
In Lake Sherwood, Missouri, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. The assessed value is a percentage of the property's market value. Homeowners in Lake Sherwood can expect their tax bills to be influenced by several factors, including the median home price of $109,361. The median property tax rate in this area is significantly higher than the national median of 0.99%, resulting in a median tax bill of $1,311. The tax bill is consistent across various percentiles, with the 25th, 75th, and 90th percentiles all reporting the same amount of $1,311. This uniformity suggests a stable tax rate within the region. For homeowners, this means that their annual financial obligations toward property taxes are predictable, allowing for better budgeting and financial planning. However, the relatively high tax rate compared to the national average could impact affordability and the overall cost of homeownership in Lake Sherwood.
Average Lake Sherwood Tax Bill
$1,311
Average Warren County Tax Bill
$1,370
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Sherwood, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63357 | $1,311 | $1,311 | $1,311 | $1,311 | $1,311 |
Source: Ownwell