Gillespie, Missouri Property Taxes
The median property tax rate in Gillespie, MO is 0.77%, considerably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Gillespie, the typical annual property tax bill reaches $47, significantly below the national median of $2,690. Property taxes in Gillespie are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Gillespie'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 Gillespie 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
Gillespie, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$47
Ownwell’s Gillespie Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gillespie with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gillespie 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 Gillespie, Missouri
Property taxes in Gillespie, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gillespie is 0.87%, which is higher than the Missouri state median of 0.91% but still below the U.S. national median of 0.99%. Local government entities within Gillespie set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gillespie 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 Gillespie's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63005 zip code has the highest median property tax rate of 1.29%, while the 64024 zip code has the lowest median tax rate of 0.63%. Understanding how these cities compare with Gillespie 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 Gillespie Tax Rate
0.77%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gillespie, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Gillespie, Missouri
In Gillespie, 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 local appraisal district 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 Gillespie, 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. For example, the median home price in Gillespie is $6,100, resulting in varying tax bills. The 25th, 75th, and 90th percentiles of tax bills are all $47. 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 Gillespie helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Gillespie Assessed Value
$6,100
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 Gillespie, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Gillespie, Missouri
In Gillespie, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The median home price in Gillespie is $6,100. Local tax authorities apply an assessment rate to this value to determine the assessed value. This assessed value is then multiplied by the local tax rate to calculate the annual property tax bill. In Gillespie, the property tax bill is notably consistent, with the 25th, 75th, and 90th percentiles all at $47, indicating a flat rate structure. This predictable and relatively low property tax rate can be beneficial for homeowners, making it easier to budget for annual expenses and potentially increasing the attractiveness of the area for potential buyers. Compared to the national median property tax rate of 0.99%, Gillespie offers a more affordable option, which can significantly affect long-term financial planning for residents. Homeowners in Gillespie can enjoy the stability and predictability of their property tax obligations, contributing to a more secure financial environment.
Average Gillespie Tax Bill
$47
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Gillespie, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell