Cora, Missouri Property Taxes
The median property tax rate in Cora, MO is 0.32%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Cora, the typical annual property tax bill reaches $63, which is far below the national median of $2,690. Property taxes in Cora are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Cora'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 Cora or another part of Sullivan County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Cora, 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 CORA Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in CORA with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in CORA 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 Cora, Missouri
Property taxes in CORA, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in CORA is 0.32%, which is significantly lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities in CORA set these rates annually, and they can vary significantly across different neighborhoods. Each year, CORA 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 CORA's effective property tax rate to other counties in Missouri and the national median. For comparison, the highest median property tax rate in Missouri is found in ZIP code 63101 with a rate of 1.5%, while the lowest median tax rate is in ZIP code 65401 at 0.15%. Understanding how these cities compare with CORA provides valuable insights into the varying tax landscape across Sullivan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Cora Tax Rate
0.32%
Average Sullivan County Tax Rate
0.37%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Cora, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63556 | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
Source: Ownwell
Property Tax Assessment Values Across Cora, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in CORA, 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 Sullivan 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 CORA, 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 instance, the 25th percentile tax bill in CORA is $34, while the 75th percentile tax bill is $493. 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 CORA helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Cora Assessed Value
$19,570
Average Sullivan County Assessed Value
$82,754
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Cora, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63556 | $5,434 | $10,735 | $19,570 | $153,615 | $234,042 |
Source: Ownwell
Property Tax Bills Across Cora, Missouri
In CORA, located in Sullivan County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Various factors influence this market value, including the property's location, size, and condition. Once the assessed value is established, it is multiplied by the local tax rate to determine the tax bill. For homeowners in CORA, the property tax bill can vary significantly. For example, those in the 25th percentile pay around $34, while those in the 75th percentile see bills closer to $493. At the higher end, the 90th percentile tax bill reaches approximately $751. These variations highlight the impact of factors such as property improvements and changes in the local real estate market. Understanding how these elements affect the assessed value can help homeowners anticipate their tax obligations and plan accordingly.
Average Cora Tax Bill
$63
Average Sullivan County Tax Bill
$330
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Cora, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63556 | $17 | $34 | $63 | $493 | $751 |
Source: Ownwell