Hannibal, Missouri Property Taxes
The median property tax rate in Hannibal, MO is 1.02%, slightly higher than the national median of 0.99% but lower than Missouri's state median of 1.20%. With a median home value of $120,685 in Hannibal, the typical annual property tax bill amounts to $1,231, which is below the national median of $2,690. Property taxes in Hannibal are calculated based on the tax assessed value, which is often less than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Hannibal’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 Hannibal or another part of the city, comprehending the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Hannibal, 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 Hannibal Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hannibal with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hannibal 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 Hannibal, Missouri
Property taxes in Hannibal, Missouri, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Hannibal is 1.02%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Hannibal set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hannibal 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 Hannibal's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63401 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Hannibal provides valuable insights into the varying tax landscape across Ralls County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hannibal Tax Rate
1.02%
Average Ralls County Tax Rate
0.98%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hannibal, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63401 | 0.98% | 1.02% | 1.02% | 1.02% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Hannibal, Missouri
In Hannibal, 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 Ralls 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 Hannibal, 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 Hannibal helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. In Hannibal, the highest and lowest median tax bills are both $1,231 in the 63401 zip code.
Average Hannibal Assessed Value
$120,685
Average Ralls County Assessed Value
$94,330
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Hannibal, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63401 | $38,543 | $65,172 | $120,685 | $170,680 | $231,384 |
Source: Ownwell
Property Tax Bills Across Hannibal, Missouri
In Hannibal, property tax bills are calculated based on the assessed value of your home. The assessed value is a percentage of the market value, which is determined by the local assessor's office. Factors such as property size, location, and market conditions play a crucial role in determining this value. Once the assessed value is established, it is multiplied by the local tax rate to calculate the annual property tax bill. For homeowners in Hannibal, the median home price is $120,685. The property tax rate in the area results in a median tax bill of $1,231, which is higher than the national median property tax rate of 0.99%. Depending on the specific value of the home, tax bills can vary significantly. For instance, the 25th percentile tax bill is $678, while the 75th percentile reaches $1,731, and the 90th percentile can go up to $2,343. These variations can significantly impact homeowners' financial planning, making it essential to understand how property taxes are calculated and managed.
Average Hannibal Tax Bill
$1,231
Average Ralls County Tax Bill
$888
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Hannibal, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63401 | $402 | $678 | $1,231 | $1,731 | $2,343 |
Source: Ownwell