Grain Valley, Missouri Property Taxes
The median property tax rate in Grain Valley, MO is 0.85%, which is notably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $92,450 in Grain Valley, the typical annual property tax bill amounts to $788, significantly below the national median of $2,690. Property taxes in Grain Valley are calculated based on the assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Grain Valley'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 Grain Valley 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
Grain Valley, 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 Grain Valley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grain Valley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grain Valley 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 Grain Valley, Missouri
Property taxes in Grain Valley, Missouri, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Grain Valley is 1.14%, which is higher than both the Missouri state median of 0.93% and the U.S. national median of 0.99%. Local government entities within Grain Valley set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grain Valley 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 Grain Valley's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64029 zip code has the highest median property tax rate of 1.14%, while the same zip code also has the lowest median tax rate of 1.14%. Understanding how these cities compare with Grain Valley provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Grain Valley Tax Rate
0.85%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grain Valley, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64029 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Grain Valley, Missouri
In Grain Valley, 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 local 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. Assessment notices in Grain Valley 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. The median home price in Grain Valley is $92,450, with tax bills ranging from $431 at the 25th percentile to $1,358 at the 90th percentile. The highest and lowest median tax bills in the area are both $788, found in the 64029 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Grain Valley Assessed Value
$92,450
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 Grain Valley, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64029 | $25,530 | $50,625 | $92,450 | $134,275 | $159,370 |
Source: Ownwell
Property Tax Bills Across Grain Valley, Missouri
In Grain Valley, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, a home with a median price of $92,450 will have its assessed value determined by the local assessment rate. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Factors such as property improvements, neighborhood developments, and changes in market conditions can influence the assessed value. Homeowners in Grain Valley can expect varying tax bills, with the 25th percentile tax bill at $431 and the 75th percentile reaching up to $1,144. The highest median tax bill in the area is $788, which is relatively moderate compared to the national median property tax rate of 0.99%. These tax bills directly impact homeowners by influencing their annual housing costs and potentially affecting their home’s resale value. Understanding these factors can help homeowners plan their finances more effectively.
Average Grain Valley Tax Bill
$788
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Grain Valley, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64029 | $217 | $431 | $788 | $1,144 | $1,358 |
Source: Ownwell