East Peoria, Missouri Property Taxes
The median property tax rate in East Peoria, MO is 1.12%, which is higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With a median home value of $12,900 in East Peoria, the typical annual property tax bill amounts to $144, significantly below the national median of $2,690. Property taxes in East Peoria are based on the tax assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding East Peoria'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 East Peoria or another part of the city, familiarizing yourself with the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
East Peoria, 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 East Peoria Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in East Peoria with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in East Peoria 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 East Peoria, Missouri
Property taxes in East Peoria, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in East Peoria is 1.12%, which is higher than the U.S. national median of 0.99%. Local government entities within East Peoria set these rates annually, and they can vary significantly across different neighborhoods. Each year, East Peoria 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 East Peoria's effective property tax rate to other counties in Missouri and the national median. For comparison, the 61611 zip code has the highest median property tax rate of 1.12%, while the same 61611 zip code also has the lowest median tax rate of 1.12%. Understanding how these cities compare with East Peoria 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 East Peoria Tax Rate
1.12%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across East Peoria, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61611 | 1.12% | 1.12% | 1.12% | 1.12% | 1.12% |
Source: Ownwell
Property Tax Assessment Values Across East Peoria, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in East Peoria, Missouri. 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 county 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 East Peoria, 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 East Peoria helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 61611 has both the highest and lowest median tax bills, each at $144.
Average East Peoria Assessed Value
$12,900
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 East Peoria, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61611 | $12,900 | $12,900 | $12,900 | $12,900 | $12,900 |
Source: Ownwell
Property Tax Bills Across East Peoria, Missouri
In East Peoria, MO, property tax bills are calculated based on the assessed value of a property, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $12,900, homeowners can expect a median tax bill of $144. This is significantly lower than the national median property tax rate of 0.99%, highlighting a more affordable cost of living in this region. Several factors influence the tax bill, including property size, location, and improvements. Tax rates can also vary within different areas of East Peoria, reflecting the specific needs and budgets of local services like schools and public safety. For homeowners, understanding these factors is crucial as it directly impacts their annual expenses. While the tax burden here is relatively low, staying informed about potential changes in property values and tax rates can help homeowners manage their finances more effectively.
Average East Peoria Tax Bill
$144
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across East Peoria, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61611 | $144 | $144 | $144 | $144 | $144 |
Source: Ownwell