Gilman City, Missouri Property Taxes
The median property tax rate in Gilman City, MO is 1.36%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Gilman City at $30,110, the typical annual property tax bill reaches $409, which is significantly lower than the national median of $2,690. Property taxes in Gilman City 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 Gilman City'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 Gilman City 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
Gilman City, 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 Gilman City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gilman City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gilman City 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 Gilman City, Missouri
Property taxes in Gilman City, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gilman City is 1.36%, significantly higher than the U.S. national median of 0.99%. Local government entities within Gilman City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gilman City 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 Gilman City's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 64642 has both the highest and lowest median property tax rate of 1.36%. Understanding how these cities compare with Gilman City provides valuable insights into the varying tax landscape across Grundy County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gilman City Tax Rate
1.36%
Average Grundy County Tax Rate
1.42%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gilman City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64642 | 1.04% | 1.19% | 1.36% | 1.39% | 1.39% |
Source: Ownwell
Property Tax Assessment Values Across Gilman City, Missouri
In Gilman City, 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 Grundy 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 Gilman City, 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 Gilman City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the zip code 64642 has the highest median tax bill, standing at $409, which is significantly lower than the national median property tax rate of 0.99%.
Average Gilman City Assessed Value
$30,110
Average Grundy County Assessed Value
$44,895
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gilman City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64642 | $7,984 | $14,720 | $30,110 | $64,670 | $105,958 |
Source: Ownwell
Property Tax Bills Across Gilman City, Missouri
In Gilman City, located in Grundy County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the property's market value, which is determined by the county assessor. For instance, the median home price in Gilman City is $30,110. Homeowners in this area can expect their property tax bills to vary significantly, with the 25th percentile tax bill at $207 and the 75th percentile reaching $746. At the 90th percentile, the tax bill can be as high as $1,233. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions. These elements collectively determine the financial responsibility of homeowners. Compared to the national median property tax rate of 0.99%, the tax burdens in Gilman City are relatively modest. This variability in tax bills can impact homeowners differently, affecting their overall financial planning and the affordability of maintaining their property.
Average Gilman City Tax Bill
$409
Average Grundy County Tax Bill
$610
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Gilman City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64642 | $111 | $207 | $409 | $746 | $1,233 |
Source: Ownwell