Hannibal, Missouri Property Taxes
The median property tax rate in Hannibal, MO is 1.16%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With the median home value in Hannibal, the typical annual property tax bill reaches $141, significantly lower than the national median of $2,690. Property taxes in Hannibal 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 Hannibal'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 Hannibal 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
Hannibal, 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 Hannibal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hannibal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hannibal 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 Hannibal, Missouri
Property taxes in Hannibal, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hannibal is 1.16%, which is significantly higher than the U.S. national median of 0.99%. Local government entities within Hannibal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hannibal 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 Hannibal's effective property tax rate to other areas in Missouri and the national median. For comparison, the 63401 zip code has the highest median property tax rate of 1.16%, while the lowest median tax rate also stands at 1.16% in the same zip code. Understanding how these figures compare with Hannibal provides valuable insights into the varying tax landscape across Lewis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hannibal Tax Rate
1.16%
Average Lewis County Tax Rate
1.06%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hannibal, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63401 | 1.16% | 1.16% | 1.16% | 1.16% | 1.16% |
Source: Ownwell
Property Tax Assessment Values Across Hannibal, Missouri
In Hannibal, 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 county authorities 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 Hannibal, 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 Hannibal helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 63401 has both the highest and lowest median tax bills at $141, which is significantly lower than the national median property tax rate of 0.99%.
Average Hannibal Assessed Value
$12,170
Average Lewis County Assessed Value
$40,000
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hannibal, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63401 | $12,170 | $12,170 | $12,170 | $12,170 | $12,170 |
Source: Ownwell
Property Tax Bills Across Hannibal, Missouri
In Hannibal, located in Lewis County, MO, property tax bills are determined based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to calculate the annual property tax bill. In this region, the median home price is $12,170, and property tax bills typically range from $141 at the 25th percentile to $141 at the 90th percentile, reflecting consistent tax rates across different property values. Factors influencing the tax bill include the property's assessed value, local tax rates, and any applicable exemptions or deductions. Homeowners in Hannibal benefit from relatively low property taxes compared to the national median rate of 0.99%. This can make homeownership more affordable, potentially increasing the attractiveness of the area for new buyers. However, even with lower tax bills, it is crucial for homeowners to stay informed about any changes in property assessments or tax rates that could affect their annual expenses.
Average Hannibal Tax Bill
$141
Average Lewis County Tax Bill
$410
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Hannibal, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63401 | $141 | $141 | $141 | $141 | $141 |
Source: Ownwell