Callao, Missouri Property Taxes
The median property tax rate in Callao, MO is 1.20%, which matches the state median but is still higher than the national median of 0.99%. With a median home value of $46,680 in Callao, the typical annual property tax bill amounts to $578, which is significantly lower than the national median of $2,690. Property taxes in Callao are calculated based on the tax assessed value, which is often less than the market value due to exemptions like those for primary residences and agricultural properties. Understanding Callao'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 Callao or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Callao, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$560
Ownwell’s Callao Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Callao with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Callao 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 Callao, Missouri
Property taxes in Callao, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Callao is 1.20%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Callao set these rates annually, and they can vary significantly across different neighborhoods. Each year, Callao 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 Callao's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63534 zip code has the highest median property tax rate of 1.20%, while the 63534 zip code has the lowest median tax rate of 1.20%. Understanding how these cities compare with Callao provides valuable insights into the varying tax landscape across Macon County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Callao Tax Rate
1.20%
Average Macon County Tax Rate
0.97%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Callao, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63534 | 0.90% | 1.04% | 1.20% | 1.40% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Callao, Missouri
In Callao, 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 Macon 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 Callao, 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. Notably, the zip code with the highest median tax bill is 63534, with a median tax bill of $578. By being aware of these valuation processes, property owners in Callao can identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Callao Assessed Value
$46,680
Average Macon County Assessed Value
$49,737
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Callao, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63534 | $9,663 | $20,868 | $46,680 | $78,449 | $140,591 |
Source: Ownwell
Property Tax Bills Across Callao, Missouri
In Callao, located in Macon County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the home's market value, and this figure is then multiplied by the local tax rate. For homeowners in Callao, the median home price is $46,680. Property tax bills can vary significantly, with the 25th percentile at $246 and the 75th percentile at $847, while the 90th percentile reaches up to $1,562. These tax bills are influenced by various factors, including the property's assessed value, the local tax rate, and any applicable exemptions. The median tax bill in the highest and lowest zip codes within the region is $578. Compared to the national median property tax rate of 0.99%, homeowners in Callao experience a range of tax burdens. Understanding these factors helps homeowners anticipate their annual tax expenses and budget accordingly.
Average Callao Tax Bill
$578
Average Macon County Tax Bill
$506
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Callao, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63534 | $136 | $246 | $578 | $847 | $1,562 |
Source: Ownwell