Commerce, Missouri Property Taxes
The median property tax rate in Commerce, MO is 0.92%, slightly lower than the national median of 0.99% and significantly below the Missouri state median of 1.20%. With a median home value of $27,640 in Commerce, the typical annual property tax bill is around $275, far less than the national median of $2,690. Property taxes in Commerce are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Commerce'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 Commerce or another part of Scott County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Commerce, 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 Commerce Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Commerce with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Commerce 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 Commerce, Missouri
Property taxes in Commerce, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Commerce is 0.92%, which is slightly lower than the U.S. national median of 0.99%. Local government entities within Commerce set these rates annually, and they can vary significantly across different neighborhoods. Each year, Commerce 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 Commerce's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 63742 has both the highest and lowest median property tax rate in Scott County, sitting at 0.92%. Understanding how these areas compare with Commerce provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Commerce Tax Rate
0.92%
Average Scott County Tax Rate
0.92%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Commerce, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63742 | 0.88% | 0.92% | 0.92% | 0.96% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Commerce, Missouri
In Commerce, 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 Scott County 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 Commerce, 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. The median home price in Commerce is $27,640, with tax bills ranging from $147 at the 25th percentile to $728 at the 90th percentile. The zip code 63742 has both the highest and lowest median tax bill at $275. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Commerce Assessed Value
$27,640
Average Scott County Assessed Value
$61,900
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Commerce, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63742 | $3,650 | $12,650 | $27,640 | $60,840 | $85,332 |
Source: Ownwell
Property Tax Bills Across Commerce, Missouri
In Commerce, located in Scott County, MO, property tax bills are calculated based on the assessed value of the property, which is typically a percentage of the market value. For homeowners, the median home price is $27,640. Property tax bills can vary significantly, with the 25th percentile paying around $147 annually and the 75th percentile facing bills of approximately $454. Those in the 90th percentile see tax bills as high as $728. The assessment process involves evaluating the property's market value and applying the local tax rate to determine the tax bill. Factors such as property size, location, and improvements can influence the assessed value. In Commerce, the median tax bill stands at $275, which is significantly lower than the national median property tax rate of 0.99%. This lower tax burden can make homeownership more affordable, but it also means that local services funded by property taxes may receive less revenue.
Average Commerce Tax Bill
$275
Average Scott County Tax Bill
$598
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Commerce, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63742 | $34 | $147 | $275 | $454 | $728 |
Source: Ownwell