Chaffee, Missouri Property Taxes
The median property tax rate in Chaffee, MO is 1.00%, slightly higher than the national median of 0.99% but lower than Missouri's state median of 1.20%. With a median home value of $72,402 in Chaffee, the typical annual property tax bill amounts to $730, which is below the national median of $2,690. Property taxes in Chaffee are determined based on the tax assessed value, which is often lower than the market value due to exemptions like those for primary residences and agricultural properties. Familiarizing yourself with Chaffee’s property tax system, exploring available exemptions, and finding opportunities for reductions can result in substantial annual savings. Whether you reside in Chaffee or another part of Cape Girardeau County, understanding the local property tax system is beneficial for both homeowners and real estate investors.
Last Updated June 14, 2024
Chaffee, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$724
Ownwell’s Chaffee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chaffee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chaffee 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 Chaffee, Missouri
Property taxes in Chaffee, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chaffee is 1.00%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Chaffee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chaffee 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 Chaffee's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63740 zip code has the highest median property tax rate of 1.00%, while the same 63740 zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Chaffee provides valuable insights into the varying tax landscape across Cape Girardeau, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chaffee Tax Rate
1.00%
Average Cape Girardeau County Tax Rate
0.97%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chaffee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63740 | 0.93% | 0.98% | 1.00% | 1.10% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Chaffee, Missouri
In Chaffee, 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 Cape Girardeau 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 Chaffee, 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 Chaffee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 63740 has the highest and lowest median tax bill at $730.
Average Chaffee Assessed Value
$72,402
Average Cape Girardeau County Assessed Value
$116,512
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chaffee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63740 | $16,606 | $42,252 | $72,402 | $104,330 | $157,588 |
Source: Ownwell
Property Tax Bills Across Chaffee, Missouri
In Chaffee, MO, property tax bills are calculated based on the assessed value of your home, which is a percentage of its market value. The median home price in Chaffee is $72,402. The local tax rate is applied to this assessed value to determine the annual property tax bill. For instance, homeowners in Chaffee can expect to pay a median property tax bill of $730.00, which aligns with the highest and lowest median tax bills reported in the area, both at $730.00. Factors such as the property's location within Cape Girardeau County, any applicable exemptions, and local tax levies play a significant role in determining the final tax bill. Homeowners at the 25th percentile pay around $444, while those at the 75th percentile pay approximately $1,039. At the 90th percentile, the tax bill can reach up to $1,502. These property taxes fund essential services like schools, public safety, and infrastructure, impacting both the community and individual homeowners.
Average Chaffee Tax Bill
$730
Average Cape Girardeau County Tax Bill
$1,109
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Chaffee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63740 | $178 | $444 | $730 | $1,039 | $1,502 |
Source: Ownwell