Grant City, Missouri Property Taxes
The median property tax rate in Grant City, MO is 2.34%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Grant City, the typical annual property tax bill reaches $50, significantly below the national median of $2,690. Property taxes in Grant City 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 Grant 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 Grant 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
Grant City, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.34%
Estimate Property Tax Bill
$64
Ownwell’s Grant City Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Grant City with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Grant City 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 Grant City, Missouri
Property taxes in Grant City, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Grant City is 2.34%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Grant City set these rates annually, and they can vary significantly across different neighborhoods. Each year, Grant 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 Grant City's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64456 zip code has the highest median property tax rate of 2.34%, while the same zip code also has the lowest median tax rate of 2.34%. Understanding how these cities compare with Grant 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 Grant City Tax Rate
2.34%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Grant City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64456 | 1.66% | 1.92% | 2.34% | 2.77% | 3.03% |
Source: Ownwell
Property Tax Assessment Values Across Grant City, Missouri
In Grant 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 Grant 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 Grant City helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip codes with the highest tax bills can reach up to $63, while those with the lowest can be as low as $43.
Average Grant City Assessed Value
$2,750
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 Grant City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64456 | $1,430 | $1,925 | $2,750 | $3,575 | $4,070 |
Source: Ownwell
Property Tax Bills Across Grant City, Missouri
In Grant City, 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 local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, in Grant City, the median home price is $2,750, and homeowners can expect their tax bills to vary significantly. At the 25th percentile, the tax bill is around $43, while at the 75th percentile, it rises to approximately $58. For those at the 90th percentile, it can reach up to $63. Several factors influence the property tax bill, including the home's assessed value, the local tax rate, and any applicable exemptions or deductions. This system ensures that property taxes are proportionate to the value of the property, affecting homeowners by requiring them to budget for these annual expenses. Compared to the national median property tax rate of 0.99%, the tax rates in Grant City offer a glimpse into how local policies can impact individual financial obligations.
Average Grant City Tax Bill
$50
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Grant City, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64456 | $38 | $43 | $50 | $58 | $63 |
Source: Ownwell