Milan, Missouri Property Taxes
The median property tax rate in Milan, MO is 0.37%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Milan, the typical annual property tax bill is $406, well below the national median of $2,690. Property taxes in Milan are calculated based on the assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Milan'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 Milan 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
Milan, 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 Milan Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Milan with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milan 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 Milan, Missouri
Property taxes in Milan, Missouri, play a crucial role in funding essential local services, including public schools, road maintenance, and emergency services. The median tax rate in Milan is 0.49%, which is significantly lower than both the Missouri state median of 0.91% and the U.S. national median of 0.99%. Local government entities within Milan set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milan 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 Milan'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 St. Louis City, at 1.28%, while the lowest median tax rate is in Oregon County, at 0.35%. Understanding how these cities compare with Milan 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 Milan Tax Rate
0.37%
Average Sullivan County Tax Rate
0.37%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milan, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63556 | 0.32% | 0.37% | 0.37% | 0.37% | 0.37% |
Source: Ownwell
Property Tax Assessment Values Across Milan, Missouri
In Milan, Missouri, understanding the difference between "market value" and "assessed value" is essential for comprehending property taxes. The market value represents 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. Assessment notices in Milan 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 Milan is $109,450, with property tax bills ranging from $261 at the 25th percentile to $1,012 at the 90th percentile. 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 helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Milan Assessed Value
$109,450
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 Milan, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63556 | $27,578 | $69,920 | $109,450 | $190,428 | $291,318 |
Source: Ownwell
Property Tax Bills Across Milan, Missouri
In Milan, located in Sullivan County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the assessed value, including property size, location, and any improvements or renovations made. For homeowners in Milan, the tax bill can vary significantly. For instance, the 25th percentile tax bill is $261, while the 75th percentile reaches $708, and the 90th percentile can be as high as $1012. These variations highlight how individual property characteristics and local tax rates impact the final amount due. Compared to the national median property tax rate of 0.99%, Milan's property tax bills reflect localized assessments and tax rates, which can provide relief or pose financial challenges for homeowners based on their property's assessed value.
Average Milan Tax Bill
$406
Average Sullivan County Tax Bill
$330
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Milan, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63556 | $126 | $261 | $406 | $708 | $1,012 |
Source: Ownwell