Chicago, Missouri Property Taxes
The median property tax rate in Chicago, MO is 2.14%, significantly higher than both the national median of 0.99% and Missouri's state median of 1.20%. With the median home value in Chicago, the typical annual property tax bill reaches $64, exceeding the national median of $2,690. Property taxes in Chicago 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 Chicago'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 Chicago 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
Chicago, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.14%
Estimate Property Tax Bill
$90
Ownwell’s Chicago Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a quick way to estimate their annual property taxes in Chicago using just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Chicago to provide an estimated property tax bill. This valuable tool helps you understand your potential tax liabilities. For those interested in more detailed insights, you can explore neighborhood-level trends by scrolling down for localized information. Your property’s assessed value is determined by the county for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Chicago, Missouri
Property taxes in Chicago, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chicago is 2.14%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Chicago set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chicago 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 Chicago's effective property tax rate to other counties in Missouri and the national median. For comparison, the 60606 zip code has the highest median property tax rate of 3.01%, while the same zip code also has the lowest median tax rate of 3.01%. Understanding how these cities compare with Chicago 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 Chicago Tax Rate
2.14%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chicago, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60606 | 3.01% | 3.01% | 3.01% | 3.01% | 3.01% |
Source: Ownwell
Property Tax Assessment Values Across Chicago, Missouri
In Chicago, 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 Chicago, 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 example, zip codes with the highest tax bills can reach up to $86, while those with the lowest can be around $50. Being aware of these valuation processes in Chicago helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Chicago Assessed Value
$4,200
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 Chicago, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60606 | $1,200 | $1,200 | $1,200 | $1,200 | $1,200 |
Source: Ownwell
Property Tax Bills Across Chicago, Missouri
In Chicago, Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in this area is $4,200. The assessed value is then multiplied by the local tax rate to determine the annual tax bill. Various factors influence the tax bill, including property characteristics, location, and any applicable exemptions. For homeowners, this means understanding how their property's assessed value and the local tax rate impact their annual expenses. In Morgan County, the 25th percentile tax bill is $50, while the 75th percentile is $77, and the 90th percentile reaches $86. Compared to the national median property tax rate of 0.99%, Chicago's tax rates may appear relatively modest, but they still significantly affect household budgets. Homeowners benefit from being aware of these calculations to plan their finances and potentially seek exemptions or appeals to reduce their tax burden.
Average Chicago Tax Bill
$64
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Chicago, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 60606 | $36 | $36 | $36 | $36 | $36 |
Source: Ownwell