Hannibal, Missouri Property Taxes
The median property tax rate in Hannibal, MO, is 1.18%, slightly higher than the national median of 0.99% but just below Missouri's state median of 1.20%. With a median home value of $51,650 in Hannibal, the typical annual property tax bill is $595, which is significantly lower than the national median of $2,690. Property taxes in Hannibal are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. 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, understanding 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
$1,500,000
$3,000,000
Average Tax Rate
1.18%
Estimate Property Tax Bill
$609
Ownwell’s Hannibal Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to 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 Marion County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Hannibal, Missouri
Property taxes in Hannibal, Missouri, are crucial for funding essential local services like public schools, road maintenance, and emergency services. The median tax rate in Hannibal is 1.18%, significantly 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 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 1.18%, while the same zip code also has the lowest median tax rate of 1.18%. Understanding how these cities compare with Hannibal provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Hannibal Tax Rate
1.18%
Average Marion County Tax Rate
1.02%
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 | 0.94% | 1.18% | 1.18% | 1.18% | 1.19% |
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 Marion 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 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. The zip code 63401 has the highest median tax bill at $595, which is also the lowest median tax bill in the area.
Average Hannibal Assessed Value
$51,650
Average Marion County Assessed Value
$80,490
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 | $19,158 | $30,690 | $51,650 | $114,290 | $199,336 |
Source: Ownwell
Property Tax Bills Across Hannibal, Missouri
In Hannibal, located in Marion County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the county assessor and is typically a percentage of the property's market value. Homeowners in Hannibal can expect their property tax rate to be compared against the national median property tax rate of 0.99%. Several factors influence the final tax bill, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. For instance, the median home price in Hannibal is $51,650, and property tax bills can vary significantly. The 25th percentile tax bill is around $360, while the 75th percentile tax bill is approximately $1,232. At the higher end, the 90th percentile tax bill reaches up to $2,257. These tax bills can have a substantial impact on homeowners, affecting their annual financial planning and overall cost of homeownership. Understanding these factors can help homeowners better anticipate their property tax obligations and manage their budgets accordingly.
Average Hannibal Tax Bill
$595
Average Marion County Tax Bill
$807
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 | $219 | $360 | $595 | $1,232 | $2,257 |
Source: Ownwell