Hillsboro, Missouri Property Taxes
The median property tax rate in Hillsboro, MO is 0.90%, which is lower than both the national median of 0.99% and Missouri's state median of 1.20%. With the median home value in Hillsboro, the typical annual property tax bill reaches $32, significantly below the national median of $2,690. Property taxes in Hillsboro 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 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 the city, 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
0.9%
Estimate Property Tax Bill
$32
Ownwell’s Hillsboro Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, and prospective buyers looking to estimate their annual property taxes in Hillsboro. By simply entering your property's estimated assessed value, the calculator uses the median tax rate for Hillsboro to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of your potential tax liabilities, making financial planning easier. For those interested in more granular insights, additional localized information is available by scrolling down. Remember, your property's assessed value is determined by the county for tax purposes and may include applicable exemptions.
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 0.90%, slightly below 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 areas in Missouri and the national median. For comparison, the zip code 63050 has the highest median property tax rate of 0.90%, while the same zip code also has the lowest median tax rate of 0.90%. Understanding how these values compare with Hillsboro 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 Hillsboro Tax Rate
0.90%
Average Morgan County Tax Rate
0.87%
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 | 0.90% | 0.90% | 0.90% | 0.90% | 0.90% |
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 county's 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.
Average Hillsboro Assessed Value
$3,600
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 Hillsboro, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63050 | $3,600 | $3,600 | $3,600 | $3,600 | $3,600 |
Source: Ownwell
Property Tax Bills Across Hillsboro, Missouri
In Hillsboro, MO, property tax bills are calculated based on the assessed value of a property, which is determined by the county assessor. The assessed value is a percentage of the property's market value. Factors such as property size, location, and improvements are considered during the assessment. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Hillsboro, the property tax rate is a significant consideration. The median home price in the area is $3,600, and property tax bills can vary. For example, the 25th percentile tax bill is $32, which is also consistent with the 75th and 90th percentiles, indicating a relatively uniform tax rate across different property values. This uniformity simplifies financial planning for homeowners and ensures predictability in annual expenses. Comparatively, the national median property tax rate is 0.99%, highlighting that Hillsboro's tax rate is quite distinct. Understanding these factors helps homeowners manage their budgets and anticipate future tax obligations effectively.
Average Hillsboro Tax Bill
$32
Average Morgan County Tax Bill
$420
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 | $32 | $32 | $32 | $32 | $32 |
Source: Ownwell