Overland Park, Missouri Property Taxes
The median property tax rate in Overland Park, MO is 0.95%, slightly below the national median of 0.99% and significantly lower than Missouri's state median of 1.20%. With the median home value in Overland Park, the typical annual property tax bill is $68, which is much lower than the national median of $2,690. Property taxes in Overland Park are calculated based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Overland Park'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 Overland Park 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
Overland Park, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.95%
Estimate Property Tax Bill
$68
Ownwell’s Overland Park Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Overland Park with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Overland Park 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 Overland Park, Missouri
Property taxes in Overland Park, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Overland Park is 0.95%, slightly lower than the U.S. national median of 0.99%. Local government entities within Overland Park set these rates annually, and they can vary significantly across different neighborhoods. Each year, Overland Park 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 Overland Park's effective property tax rate to other counties in Missouri and the national median. For comparison, the highest median property tax rate in the region is 1.25%, while the lowest median tax rate is 0.60%. Understanding how these cities compare with Overland Park 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 Overland Park Tax Rate
0.95%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Overland Park, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Overland Park, Missouri
In Overland Park, 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 Overland Park, 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 Overland Park helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Overland Park 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 Overland Park, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Overland Park, Missouri
In Overland Park, located in Morgan County, MO, property tax bills are calculated based on the assessed value of your home. The local government assesses your property to determine its taxable value, which is typically a percentage of its market value. For instance, in Morgan County, the median home price is $7,200, and the property tax rate is applied to this assessed value to calculate your annual tax bill. Various factors influence your property tax bill, including the property's location, size, and condition. Additionally, any improvements or renovations can affect the assessed value. In Morgan County, the property tax bills for the 25th, 75th, and 90th percentiles are all $68, indicating a relatively uniform tax burden across different property values. For homeowners, understanding these factors is crucial as property taxes contribute to essential local services like schools, roads, and emergency services. Keeping track of your property's assessed value and any changes can help you anticipate your tax obligations and plan your finances accordingly.
Average Overland Park Tax Bill
$68
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Overland Park, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell