Canton, Missouri Property Taxes
The median property tax rate in Canton, MO is 1.00%, slightly above the national median of 0.99% but below the Missouri state median of 1.20%. With the median home value in Canton at $38,805, the typical annual property tax bill amounts to $388, which is significantly lower than the national median of $2,690. Property taxes in Canton are calculated based on the tax assessed value, often less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Canton's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Canton or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Canton, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1%
Estimate Property Tax Bill
$388
Ownwell’s Canton Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Canton with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Canton 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 Canton, Missouri
Property taxes in Canton, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Canton is 1.00%, higher than the U.S. national median of 0.99%. Local government entities within Canton set these rates annually, and they can vary significantly across different neighborhoods. Each year, Canton 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 Canton's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 63435, which includes Canton, has the highest median property tax rate of 1.00%, while the same zip code also has the lowest median tax rate of 1.00%. Understanding how these cities compare with Canton provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Canton Tax Rate
1.00%
Average Lewis County Tax Rate
1.06%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Canton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63435 | 0.79% | 0.95% | 1.00% | 1.02% | 1.09% |
Source: Ownwell
Property Tax Assessment Values Across Canton, Missouri
In Canton, 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 Lewis 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 Canton, 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 Canton helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Canton are both $388, found in the 63435 zip code.
Average Canton Assessed Value
$38,805
Average Lewis County Assessed Value
$40,000
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Canton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63435 | $12,265 | $22,850 | $38,805 | $64,305 | $103,803 |
Source: Ownwell
Property Tax Bills Across Canton, Missouri
In Canton, located in Lewis County, MO, property tax bills are calculated based on the assessed value of a homeowner's property. The assessed value is a percentage of the property's market value, which is determined by local assessors. For example, if a home's market value is $38,805, the assessed value might be a fraction of this figure, and the property tax rate is then applied to this assessed value. Several factors influence the final tax bill, including the property's location within specific school districts, municipal services, and other local levies. In Canton, the median property tax bill is $388, which is significantly lower than the national median property tax rate of 0.99%. Homeowners in the 25th percentile pay around $236, while those in the 75th percentile pay about $597. For those in the 90th percentile, the tax bill can be as high as $972. These property taxes fund essential community services, impacting everything from public education to infrastructure maintenance, directly affecting the quality of life for Canton residents.
Average Canton Tax Bill
$388
Average Lewis County Tax Bill
$410
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Canton, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63435 | $114 | $236 | $388 | $597 | $972 |
Source: Ownwell