Chillicothe, Missouri Property Taxes
The median property tax rate in Chillicothe, MO is 0.93%, slightly below the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Chillicothe at $92,100, the typical annual property tax bill is $857, which is significantly lower than the national median of $2,690. Property taxes in Chillicothe 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 Chillicothe'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 Chillicothe 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
Chillicothe, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Chillicothe Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Chillicothe with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Chillicothe 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 Chillicothe, Missouri
Property taxes in Chillicothe, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Chillicothe is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Chillicothe set these rates annually, and they can vary significantly across different neighborhoods. Each year, Chillicothe 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 Chillicothe's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 64601 has the highest median property tax rate of 0.93%, while the lowest median tax rate is also found in the same zip code at 0.93%. Understanding how these cities compare with Chillicothe 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 Chillicothe Tax Rate
0.93%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Chillicothe, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64601 | 0.93% | 0.93% | 0.93% | 0.93% | 0.93% |
Source: Ownwell
Property Tax Assessment Values Across Chillicothe, Missouri
In Chillicothe, 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 county 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 Chillicothe, 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 Chillicothe helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Chillicothe are both $857, found in the 64601 zip code.
Average Chillicothe Assessed Value
$92,100
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 Chillicothe, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64601 | $92,100 | $92,100 | $92,100 | $92,100 | $92,100 |
Source: Ownwell
Property Tax Bills Across Chillicothe, Missouri
In Chillicothe, located in Morgan County, MO, property tax bills are calculated primarily based on the assessed value of a home, which is a percentage of its market value. The median home price in Chillicothe is $92,100, and property taxes are applied to this assessed value. Factors such as local tax rates and any applicable exemptions or deductions also play a role. For instance, the median property tax rate in this region aligns closely with the national median rate of 0.99%. Homeowners in Chillicothe can expect a median tax bill of $857, which remains consistent across various percentiles. This tax bill is relatively moderate compared to national standards, making homeownership more affordable in this area. Understanding these factors helps homeowners anticipate their annual property tax obligations, enabling better financial planning and budgeting. The stability in the tax bill amount also provides a predictable expense for homeowners, contributing to the overall economic stability of the region.
Average Chillicothe Tax Bill
$857
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Chillicothe, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64601 | $857 | $857 | $857 | $857 | $857 |
Source: Ownwell