Chicago Heights, Missouri Property Taxes
The median property tax rate in Chicago Heights, MO is 2.30%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Chicago Heights, the typical annual property tax bill reaches $41, which is significantly lower than the national median of $2,690. Property taxes in Chicago Heights 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 Chicago Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Chicago Heights 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
Chicago Heights, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
2.3%
Estimate Property Tax Bill
$41
Ownwell’s Chicago Heights Property Tax Bill Calculator offers homeowners, real estate investors, and potential buyers a simple way to estimate their annual property taxes in Chicago Heights. By inputting your property's estimated assessed value, the calculator uses the median tax rate in Chicago Heights to provide an estimated property tax bill. This valuable tool helps you grasp potential tax liabilities. For those interested in more detailed insights, neighborhood-level trends are available further down the page. Your property’s assessed value is determined by the county for property tax purposes, taking into account any applicable exemptions.
Property Tax Rates Across Chicago Heights, Missouri
Property taxes in Chicago Heights, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chicago Heights is 2.30%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Chicago Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chicago Heights 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 Chicago Heights' effective property tax rate to other counties in Missouri and the national median. For comparison, the highest median property tax rate in the region is 2.30%, while the lowest median tax rate is not specified. Understanding how these cities compare with Chicago Heights provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Chicago Heights Tax Rate
2.30%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chicago Heights, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Chicago Heights, Missouri
In Chicago Heights, 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 Morgan 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 Chicago Heights, 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 Chicago Heights helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Chicago Heights, Missouri
Source: Ownwell
$1,100
$177,225
$353,350
Average Chicago Heights Assessed Value
$1,800
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Chicago Heights, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Chicago Heights, Missouri
In Chicago Heights, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. Factors such as property size, location, and improvements can influence the assessed value. For homeowners, this means that any enhancements or changes to their property could potentially increase their tax bill. In Morgan County, where Chicago Heights is located, the median home price is notably low at $1,800. Consequently, property tax bills are also relatively modest. For instance, the tax bill at the 25th, 75th, and 90th percentiles all stand at $41, which is significantly below the national median property tax rate of 0.99%. This lower tax burden can be beneficial for homeowners, making it more affordable to maintain their properties and potentially encouraging investment in the area.
Average Chicago Heights Tax Bill
$41
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Chicago Heights, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell