Gray Summit, Missouri Property Taxes
The median property tax rate in Gray Summit, MO is 1.35%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Gray Summit at $133,225, the typical annual property tax bill reaches $1,809, which is below the national median of $2,690. Property taxes in Gray Summit 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 Gray Summit'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 Gray Summit or another part of Franklin County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gray Summit, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.35%
Estimate Property Tax Bill
$1,799
Ownwell’s Gray Summit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gray Summit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gray Summit 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 Gray Summit, Missouri
Property taxes in Gray Summit, Missouri, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gray Summit is 1.35%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Gray Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gray Summit 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 Gray Summit's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63039 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Gray Summit provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gray Summit Tax Rate
1.35%
Average Franklin County Tax Rate
1.08%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gray Summit, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63039 | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
Source: Ownwell
Property Tax Assessment Values Across Gray Summit, Missouri
In Gray Summit, 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 Franklin County 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 Gray Summit, 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 Gray Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 63039, with a value of $1,809.
Average Gray Summit Assessed Value
$133,225
Average Franklin County Assessed Value
$143,800
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gray Summit, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63039 | $80,323 | $114,525 | $133,225 | $187,215 | $232,864 |
Source: Ownwell
Property Tax Bills Across Gray Summit, Missouri
In Gray Summit, Franklin 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 home's market value. For example, if the median home price is $133,225, the assessed value would be a fraction of this amount. The property tax rate is then applied to the assessed value to determine the tax bill. Factors such as location, property size, and improvements can influence the assessed value. In Gray Summit, the median property tax bill ranges from $1,562 at the 25th percentile to $3,148 at the 90th percentile, with the highest median tax bill being $1,809. This is relatively lower compared to the national median property tax rate of 0.99%. Homeowners in Gray Summit benefit from these lower rates, which can make homeownership more affordable compared to regions with higher property tax rates.
Average Gray Summit Tax Bill
$1,809
Average Franklin County Tax Bill
$1,687
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Gray Summit, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63039 | $1,143 | $1,562 | $1,809 | $2,547 | $3,148 |
Source: Ownwell