Granite City, Missouri Property Taxes
The median property tax rate in Granite City, MO is 0.83%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Granite City, the typical annual property tax bill is $51, significantly below the national median of $2,690. Property taxes in Granite City are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Granite City'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 Granite City 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
Granite City, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.83%
Estimate Property Tax Bill
$51
Ownwell’s Granite City Property Tax Bill Calculator is an invaluable tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Granite City. By simply entering your property's estimated assessed value, the calculator applies the median tax rate specific to Granite City to provide an accurate estimate of your property tax bill. This tool offers a clear understanding of potential tax liabilities, helping you make informed financial decisions. For those interested in more detailed trends at the neighborhood level, additional localized information is available. Remember, your property’s assessed value is determined by the county for tax calculations and may include applicable exemptions.
Property Tax Rates Across Granite City, Missouri
Property taxes in Granite City, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Granite City is 0.83%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Granite City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Granite City 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 Granite City's effective property tax rate to other counties in Missouri and the national median. For comparison, the 62040 zip code has the highest median property tax rate of 0.83%, while the same zip code also has the lowest median tax rate of 0.83%. Understanding how these areas compare with Granite City 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 Granite City Tax Rate
0.83%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Granite City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62040 | 0.83% | 0.83% | 0.83% | 0.83% | 0.83% |
Source: Ownwell
Property Tax Assessment Values Across Granite City, Missouri
In Granite City, 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. In Granite City, 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 Granite City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest tax bills can be found in the zip codes with median home prices reaching $6,100, while the lowest tax bills are also consistent at $51, reflecting the uniformity in property values within the region.
Average Granite City Assessed Value
$6,100
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 Granite City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62040 | $6,100 | $6,100 | $6,100 | $6,100 | $6,100 |
Source: Ownwell
Property Tax Bills Across Granite City, Missouri
In Granite City, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and is a percentage of the market value of the property. For Granite City, the median home price is $6,100, which is significantly lower than the national median. The tax rate in this region is applied to the assessed value to determine the annual tax bill. Several factors influence the tax bill, including property improvements, neighborhood changes, and overall market conditions. Homeowners in Granite City can expect their tax bills to fall around the 25th, 75th, and 90th percentiles, all of which are approximately $51. This is a stark contrast to the national median property tax rate of 0.99%, reflecting the lower property values in the area. These relatively low property tax bills can provide significant financial relief to homeowners, making Granite City an attractive place for those looking to minimize their annual housing expenses.
Average Granite City Tax Bill
$51
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Granite City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62040 | $51 | $51 | $51 | $51 | $51 |
Source: Ownwell