Milwaukee, Missouri Property Taxes
The median property tax rate in Milwaukee, MO is 1.56%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Milwaukee, the typical annual property tax bill reaches $313, which is significantly lower than the national median of $2,690. Property taxes in Milwaukee 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 Milwaukee'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 Milwaukee 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
Milwaukee, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.56%
Estimate Property Tax Bill
$312
Ownwell’s Milwaukee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Milwaukee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Milwaukee 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 Milwaukee, Missouri
Property taxes in Milwaukee, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Milwaukee is 1.56%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Milwaukee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Milwaukee 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 Milwaukee's effective property tax rate to other counties in Missouri and the national median. For comparison, the 53202 zip code has the highest median property tax rate of 1.56%, while the same zip code also has the lowest median tax rate of 1.56%. Understanding how these cities compare with Milwaukee provides valuable insights into the varying tax landscape across Jackson County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Milwaukee Tax Rate
1.56%
Average Jackson County Tax Rate
1.56%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Milwaukee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53202 | 1.56% | 1.56% | 1.56% | 1.56% | 1.56% |
Source: Ownwell
Property Tax Assessment Values Across Milwaukee, Missouri
In Milwaukee, 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 Jackson 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 Milwaukee, 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 Milwaukee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Milwaukee are both $313, found in the 53202 zip code.
Average Milwaukee Assessed Value
$20,000
Average Jackson County Assessed Value
$127,000
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Milwaukee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53202 | $20,000 | $20,000 | $20,000 | $20,000 | $20,000 |
Source: Ownwell
Property Tax Bills Across Milwaukee, Missouri
In Milwaukee, property tax bills are calculated based on the assessed value of a home and the local tax rate. The city of Milwaukee, located in Jackson County, has a median home price of $20,000. Homeowners in Milwaukee can expect their tax bills to be around $313, regardless of whether they fall into the 25th, 75th, or even the 90th percentile. This consistency simplifies budgeting for many residents. The local tax rate is applied to the assessed value of the property to determine the tax bill. Factors such as property improvements, neighborhood changes, and market trends can influence the assessed value, thereby impacting the tax bill. For example, if the local tax rate is 1.565%, a homeowner with a property valued at $20,000 would pay $313 in property taxes, aligning closely with the national median property tax rate of 0.99%. Understanding how property taxes are calculated helps homeowners anticipate their financial responsibilities and plan accordingly.
Average Milwaukee Tax Bill
$313
Average Jackson County Tax Bill
$2,070
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Milwaukee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 53202 | $313 | $313 | $313 | $313 | $313 |
Source: Ownwell