Hillsboro, Missouri Property Taxes
The median property tax rate in Hillsboro, MO is 1.18%, slightly higher than the national median of 0.99% but marginally lower than Missouri's state median of 1.20%. With the median home value in Hillsboro, the typical annual property tax bill reaches $1,848, which is below the national median of $2,690. Property taxes in Hillsboro are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Hillsboro'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 Hillsboro or another part of Jefferson County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hillsboro, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$1,817
Ownwell’s Hillsboro Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hillsboro with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hillsboro 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 Hillsboro, Missouri
Property taxes in Hillsboro, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hillsboro is 1.18%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Hillsboro set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hillsboro 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 Hillsboro's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63050 zip code has the highest median property tax rate of 1.18%, while the 63050 zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Hillsboro provides valuable insights into the varying tax landscape across Jefferson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hillsboro Tax Rate
1.18%
Average Jefferson County Tax Rate
1.33%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hillsboro, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63050 | 1.09% | 1.15% | 1.18% | 1.27% | 1.33% |
Source: Ownwell
Property Tax Assessment Values Across Hillsboro, Missouri
In Hillsboro, 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 Jefferson 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 Hillsboro, 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 Hillsboro 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 $1,848, found in zip code 63050.
Average Hillsboro Assessed Value
$154,000
Average Jefferson County Assessed Value
$133,600
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hillsboro, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63050 | $63,100 | $98,500 | $154,000 | $207,700 | $263,500 |
Source: Ownwell
Property Tax Bills Across Hillsboro, Missouri
In Hillsboro, Jefferson County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. For homeowners, the tax rate is applied to this assessed value to determine the annual property tax bill. Various factors such as property size, location, and improvements can influence the assessed value, thus affecting the tax bill. In Hillsboro, the median home price is $154,000. Homeowners in the 25th percentile pay around $1,195 annually, while those in the 75th percentile face tax bills of approximately $2,420. At the 90th percentile, the tax bill can reach up to $3,048. Compared to the national median property tax rate of 0.99%, Hillsboro's property tax rates reflect the local economic conditions and municipal funding needs. Understanding these factors can help homeowners anticipate their tax obligations and budget accordingly.
Average Hillsboro Tax Bill
$1,848
Average Jefferson County Tax Bill
$1,729
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Hillsboro, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63050 | $751 | $1,195 | $1,848 | $2,420 | $3,048 |
Source: Ownwell