Columbia, Missouri Property Taxes
The median property tax rate in Columbia, MO is 0.93%, which is slightly below the national median of 0.99% and significantly lower than the Missouri state median of 1.20%. With the median home value in Columbia at $24,500, the typical annual property tax bill reaches $237, well below the national median of $2,690. Property taxes in Columbia are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Columbia'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 Columbia 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
Columbia, 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 Columbia Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Columbia with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Columbia 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 Columbia, Missouri
Property taxes in Columbia, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Columbia is 0.93%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Columbia set these rates annually, and they can vary significantly across different neighborhoods. Each year, Columbia 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 Columbia's effective property tax rate to other areas in Missouri and the national median. For comparison, the 65203 zip code has the highest median property tax rate of 0.98%, while the 65201 zip code has the lowest median tax rate of 0.84%. Understanding how these areas compare with Columbia provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Columbia Tax Rate
0.93%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Columbia, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65201 | 0.79% | 0.83% | 0.84% | 1.27% | 1.51% |
| 65202 | 0.81% | 0.83% | 0.90% | 2.00% | 3.29% |
| 65203 | 0.86% | 0.90% | 0.98% | 1.42% | 2.90% |
Source: Ownwell
Property Tax Assessment Values Across Columbia, Missouri
In Columbia, 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 Morgan 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 Columbia, 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. For instance, Columbia's highest median tax bill is $785 in the 65203 zip code, while the lowest median tax bill is $110 in the 65201 zip code. Being aware of these valuation processes in Columbia helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Columbia Assessed Value
$24,500
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Columbia, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65201 | $2,720 | $4,500 | $12,500 | $173,050 | $231,020 |
| 65202 | $1,060 | $1,750 | $9,700 | $66,150 | $175,140 |
| 65203 | $1,270 | $4,125 | $89,700 | $171,300 | $202,340 |
Source: Ownwell
Property Tax Bills Across Columbia, Missouri
In Columbia, property tax bills are calculated based on the assessed value of a property, which is determined by the local county assessor. This assessed value is a percentage of the property's market value, reflecting factors such as location, size, and condition. Homeowners in Columbia, located in Morgan County, pay property tax rates that can vary significantly. For example, the median tax bill in the 65203 zip code is $785, while in the 65201 zip code, it's only $110. The overall property tax rate in Columbia contributes to an annual tax bill that can range widely. At the 25th percentile, homeowners might pay as little as $47, whereas at the 75th percentile, the bill could be around $1404. Those at the 90th percentile might see bills as high as $1803. These variations can significantly impact homeowners, influencing their financial planning and overall cost of living. Compared to the national median property tax rate of 0.99%, Columbia's rates and bills highlight the importance of understanding local property tax structures.
Average Columbia Tax Bill
$237
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Columbia, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65201 | $35 | $54 | $110 | $1,439 | $1,654 |
| 65202 | $33 | $38 | $92 | $591 | $1,530 |
| 65203 | $36 | $63 | $785 | $1,664 | $1,980 |
Source: Ownwell