Troy, Missouri Property Taxes
The median property tax rate in Troy, MO is 1.10%, slightly above the national median of 0.99% but lower than the Missouri state median of 1.20%. With the median home value in Troy at $264,892, the typical annual property tax bill reaches $2,919, surpassing the national median of $2,690. Property taxes in Troy are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Troy'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 Troy 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
Troy, 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 Troy Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Troy with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Troy 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 Troy, Missouri
Property taxes in Troy, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Troy is 1.10%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Troy set these rates annually, and they can vary significantly across different neighborhoods. Each year, Troy 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 Troy's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63379 zip code has the highest median property tax rate of 1.10%, while the same 63379 zip code also has the lowest median tax rate of 1.10%. Understanding how these cities compare with Troy 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 Troy Tax Rate
1.10%
Average Warren County Tax Rate
1.14%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Troy, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63379 | 1.10% | 1.10% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Troy, Missouri
In Troy, 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 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 Troy, 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 Troy helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Troy is $2919 in the 63379 zip code, while the lowest median tax bill is also $2919 in the same zip code. The national median property tax rate is 0.99%, providing a benchmark for comparison.
Average Troy Assessed Value
$264,892
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 Troy, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63379 | $264,892 | $264,892 | $264,892 | $264,892 | $264,892 |
Source: Ownwell
Property Tax Bills Across Troy, Missouri
In Troy, 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. For homeowners in Troy, the median home price is $264,892. Property tax bills in the area show little variation, with the 25th, 75th, and 90th percentiles all at $2,919. This consistency suggests a relatively uniform application of tax rates across different property values. Factors influencing the tax bill include the home's assessed value, local tax rates, and any applicable exemptions or abatements. Compared to the national median property tax rate of 0.99%, homeowners in Troy face a distinct tax environment. Understanding these factors can help homeowners anticipate their annual tax obligations and budget accordingly. The uniformity in tax bills also provides a predictable financial landscape for property owners in the area.
Average Troy Tax Bill
$2,919
Average Warren County Tax Bill
$1,370
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Troy, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63379 | $2,919 | $2,919 | $2,919 | $2,919 | $2,919 |
Source: Ownwell