Sullivan, Missouri Property Taxes
The median property tax rate in Sullivan, MO is 1.10%, slightly above the national median of 0.99% but below the Missouri state median of 1.20%. With a median home value of $120,860 in Sullivan, the typical annual property tax bill amounts to $1,308, which is lower than the national median of $2,690. Property taxes in Sullivan 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. By understanding Sullivan's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve significant annual savings. Whether you're in the heart of Sullivan or another part of the city, gaining insights into the local property tax system will be beneficial.
Last Updated June 14, 2024
Sullivan, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.1%
Estimate Property Tax Bill
$1,329
Ownwell’s Sullivan Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Sullivan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Sullivan 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 Sullivan, Missouri
Property taxes in Sullivan, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Sullivan is 0.96%, slightly lower than both the Missouri state median of 0.99% and the U.S. national median of 0.99%. Local government entities within Sullivan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Sullivan 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 Sullivan's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63080 zip code has the highest median property tax rate of 0.96%, while the same 63080 zip code also has the lowest median tax rate of 0.96%. Understanding how these cities compare with Sullivan provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Sullivan Tax Rate
1.10%
Average Franklin County Tax Rate
1.08%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Sullivan, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63080 | 0.98% | 1.02% | 1.10% | 1.10% | 1.10% |
Source: Ownwell
Property Tax Assessment Values Across Sullivan, Missouri
In Sullivan, 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 Franklin 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 Sullivan, 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 Sullivan helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, Sullivan's zip code 63080 has both the highest and lowest median tax bills at $1,308, reflecting the uniformity in property tax assessments within the area.
Average Sullivan Assessed Value
$120,860
Average Franklin County Assessed Value
$143,800
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Sullivan, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63080 | $51,145 | $81,788 | $120,860 | $170,725 | $229,525 |
Source: Ownwell
Property Tax Bills Across Sullivan, Missouri
In Sullivan, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Local tax authorities determine the assessed value, and the property tax rate is applied to this value to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners in Sullivan, this means that the tax bill can vary significantly. The median home price in Sullivan is $120,860. Property tax bills in this area range widely, with the 25th percentile at $932 and the 75th percentile at $1,825. At the 90th percentile, homeowners might see a tax bill as high as $2,382. Comparatively, the national median property tax rate is 0.99%, and Sullivan's property tax bills reflect a range that can be higher or lower depending on individual property assessments. Understanding these factors can help homeowners anticipate their annual property tax obligations and budget accordingly.
Average Sullivan Tax Bill
$1,308
Average Franklin County Tax Bill
$1,687
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Sullivan, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63080 | $647 | $932 | $1,308 | $1,825 | $2,382 |
Source: Ownwell