Chatham, Missouri Property Taxes
The median property tax rate in Chatham, MO is 0.77%, which is significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Chatham, the typical annual property tax bill is $56, far below the national median of $2,690. Property taxes in Chatham are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Chatham's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Chatham or another part of the city, gaining insight into the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Chatham, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$55
Ownwell’s Chatham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chatham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chatham 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 Chatham, Missouri
Property taxes in Chatham, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chatham is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Chatham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chatham 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 Chatham's effective property tax rate to other counties in Missouri and the national median. For comparison, the 62629 zip code has both the highest and lowest median property tax rate of 0.77%. Understanding how these cities compare with Chatham 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 Chatham Tax Rate
0.77%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chatham, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62629 | 0.77% | 0.77% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Chatham, Missouri
In Chatham, 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 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. Assessment notices in Chatham 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 Chatham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. For instance, zip codes with the highest tax bills can see amounts up to $1,155, while those with the lowest tax bills can be as low as $51.
Average Chatham Assessed Value
$7,200
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 Chatham, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62629 | $7,200 | $7,200 | $7,200 | $7,200 | $7,200 |
Source: Ownwell
Property Tax Bills Across Chatham, Missouri
In Chatham, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, if your home has a median market value of $7,200, the assessed value is determined by the local assessment rate. The property tax rate is then applied to this assessed value to determine the annual tax bill. Several factors influence the amount homeowners pay, including the property's assessed value, the local tax rate, and any applicable exemptions. For example, in Chatham, the tax bill for homeowners at the 25th percentile is around $51, while those at the 75th percentile pay approximately $743. At the 90th percentile, the tax bill can reach up to $1,155. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. Understanding how these taxes are calculated helps homeowners budget accordingly and ensures they are aware of any potential exemptions they might qualify for.
Average Chatham 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 Chatham, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62629 | $56 | $56 | $56 | $56 | $56 |
Source: Ownwell