Chillicothe, Missouri Property Taxes
The median property tax rate in Chillicothe, MO is 1.34%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Chillicothe, the typical annual property tax bill reaches $406, which is significantly lower than the national median of $2,690. Property taxes in Chillicothe are calculated based on the tax assessed value, often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Chillicothe'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 Chillicothe 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
Chillicothe, 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 Chillicothe Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Chillicothe with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Chillicothe to provide an estimated property tax bill. This valuable tool offers clarity on potential tax obligations. If you’re interested in exploring trends at a neighborhood level, scroll down for more detailed information. Your property’s assessed value is the value determined by the county for property tax calculations, including any applicable exemptions.
Property Tax Rates Across Chillicothe, Missouri
Property taxes in Chillicothe, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chillicothe is 1.34%, which is higher than the U.S. national median of 0.99%. Local government entities within Chillicothe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chillicothe 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 Chillicothe's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64601 zip code has the highest median property tax rate of 1.34%, while the same zip code also has the lowest median tax rate of 1.34%. Understanding how these cities compare with Chillicothe provides valuable insights into the varying tax landscape across Daviess County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chillicothe Tax Rate
1.34%
Average Daviess County Tax Rate
1.28%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chillicothe, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64601 | 1.27% | 1.34% | 1.34% | 1.34% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Chillicothe, Missouri
In Chillicothe, 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 Daviess 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 Chillicothe, 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. Chillicothe's median home price is $28,340, with tax bills ranging from $285 at the 25th percentile to $915 at the 75th percentile, and $4,386 at the 90th percentile. The highest and lowest median tax bills are both $406 in the 64601 zip code. 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 Chillicothe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chillicothe Assessed Value
$28,340
Average Daviess County Assessed Value
$66,100
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chillicothe, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64601 | $14,301 | $21,338 | $28,340 | $68,392 | $380,322 |
Source: Ownwell
Property Tax Bills Across Chillicothe, Missouri
In Chillicothe, MO, located in Daviess County, property tax bills are calculated based on the assessed value of your home. The assessed value is a percentage of the market value determined by local assessors. For homeowners, understanding this process is crucial as it directly impacts their annual tax bill. The median home price in Chillicothe stands at $28,340, and property tax rates in this region are relatively moderate compared to the national median property tax rate of 0.99%. Several factors influence the final tax bill, including property location, home size, and any applicable exemptions. In Chillicothe, the tax bill can vary significantly; for instance, the 25th percentile tax bill is around $285, while the 75th percentile tax bill reaches up to $915. For those in the 90th percentile, tax bills can soar to $4,386. These variations highlight how property taxes can affect homeowners differently, based on their property's assessed value and specific circumstances. Thus, staying informed about local property tax assessments and potential exemptions can help homeowners manage their financial obligations more effectively.
Average Chillicothe Tax Bill
$406
Average Daviess County Tax Bill
$845
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Chillicothe, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64601 | $191 | $285 | $406 | $915 | $4,386 |
Source: Ownwell