Champaign, Missouri Property Taxes
The median property tax rate in Champaign, MO is 1.31%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Champaign, the typical annual property tax bill reaches $56, which is significantly lower than the national median of $2,690. Property taxes in Champaign 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 Champaign'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 Champaign 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
Champaign, 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 Champaign Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Champaign with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Champaign 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 Champaign, Missouri
Property taxes in Champaign, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Champaign is 1.31%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Champaign set these rates annually, and they can vary significantly across different neighborhoods. Each year, Champaign 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 Champaign's effective property tax rate to other counties in Missouri and the national median. For comparison, the 61821 zip code has the highest median property tax rate of 2.00%, while the same zip code also has the lowest median tax rate of 2.00%. Understanding how these cities compare with Champaign provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Champaign Tax Rate
1.31%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Champaign, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61821 | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
Source: Ownwell
Property Tax Assessment Values Across Champaign, Missouri
In Champaign, 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 Morgan 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 Champaign, 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. For instance, the zip code with the highest tax bills sees an annual amount of $117, while the lowest is around $51. Being aware of these valuation processes in Champaign helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Champaign Assessed Value
$7,300
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Champaign, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61821 | $2,300 | $2,300 | $2,300 | $2,300 | $2,300 |
Source: Ownwell
Property Tax Bills Across Champaign, Missouri
In Champaign, located in Morgan County, MO, property tax bills are determined by multiplying the assessed value of a property by the local tax rate. The assessed value is a percentage of the property's market value, which is established by the county assessor. Various factors such as property size, location, and improvements contribute to the market value assessment. For homeowners in Champaign, the median home price is $7,300. Property tax bills in the area vary, with the 25th percentile paying around $51 annually, the 75th percentile paying $94, and the 90th percentile paying $117. These figures indicate that most homeowners in Champaign pay relatively low property taxes compared to the national median property tax rate of 0.99%. The property tax bill directly impacts homeowners by influencing their annual financial obligations related to homeownership. Lower property taxes in Champaign can make homeownership more affordable, allowing residents to allocate their resources to other needs or investments.
Average Champaign Tax Bill
$56
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Champaign, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 61821 | $46 | $46 | $46 | $46 | $46 |
Source: Ownwell