Holts Summit, Callaway County, Missouri Property Taxes
The median property tax rate in Holts Summit, MO is 1.20%, aligning with the state median but still higher than the national median of 0.99%. With the median home value in Holts Summit at $143,490, the typical annual property tax bill reaches $1,741, which is lower than the national median of $2,690. Property taxes in Holts Summit are calculated based on the tax assessed value, which is often below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Holts Summit'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 Holts Summit 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
Holts Summit, Callaway County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$1,722
$1,598
Ownwell’s Holts Summit Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Holts Summit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holts Summit 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 Holts Summit, Callaway County, Missouri
Property taxes in Holts Summit, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holts Summit is 1.20%, significantly higher than both the Missouri state median of 0.91% and the U.S. national median of 0.99%. Local government entities within Holts Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holts Summit 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 Holts Summit's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 65043 has the highest median property tax rate of 1.20%, while the lowest median tax rate is also 1.20% within the same zip code. Understanding how these areas compare with Holts Summit provides valuable insights into the varying tax landscape across Callaway County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holts Summit Tax Rate
1.20%
Average Callaway County Tax Rate
1.19%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holts Summit, Callaway County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65043 | 1.15% | 1.20% | 1.20% | 1.21% | 1.26% |
Source: Ownwell
Property Tax Assessment Values Across Holts Summit, Callaway County, Missouri
In Holts Summit, 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 Callaway 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 Holts Summit, 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 Holts Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in the area is $143,490, with the highest median tax bill recorded at $1,741 in the 65043 zip code.
Property Tax Assessment Values Across Holts Summit, Callaway County, Missouri
Source: Ownwell
$41,010
$92,250
$143,490
Average Holts Summit Assessed Value
$143,490
Average Callaway County Assessed Value
$118,130
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Holts Summit, Callaway County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65043 | $67,072 | $111,220 | $143,490 | $184,558 | $228,355 |
Source: Ownwell
Property Tax Bills Across Holts Summit, Callaway County, Missouri
In Holts Summit, property tax bills are calculated based on the assessed value of the home and the local tax rate. The assessed value is determined by the Callaway County assessor, who evaluates the property's market value and then applies an assessment ratio to determine its taxable value. For example, if a home in Holts Summit has a market value of $143,490, the assessed value will be a percentage of this amount, depending on Missouri's assessment ratio. The local tax rate in Callaway County is then applied to this assessed value to calculate the annual property tax bill. Homeowners in Holts Summit see a range of tax bills, with the 25th percentile paying about $1,356 and the 75th percentile paying around $2,227. At the 90th percentile, tax bills can reach up to $2,757. These property taxes fund essential community services such as schools, public safety, and infrastructure, directly impacting the quality of life for residents. The median property tax rate in Holts Summit is 1.21%, higher than the national median of 0.99%.
Average Holts Summit Tax Bill
$1,741
Average Callaway County Tax Bill
$1,342
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Holts Summit, Callaway County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65043 | $826 | $1,356 | $1,741 | $2,227 | $2,757 |
Source: Ownwell