Collinsville, Missouri Property Taxes
The median property tax rate in Collinsville, MO is 0.91%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $3,500, the typical annual property tax bill in Collinsville is around $32, significantly below the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Collinsville's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Collinsville 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
Collinsville, 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 Collinsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Collinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Collinsville 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 Collinsville, Missouri
Property taxes in Collinsville, Missouri, are essential in funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Collinsville is 1.08%, higher than both the Missouri state median of 0.91% and the U.S. national median of 0.99%. Local government entities within Collinsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Collinsville 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 Collinsville's effective property tax rate to other counties in Missouri and the national median. For comparison, the 62234 zip code has the highest median property tax rate of 1.08%, while the same zip code also has the lowest median tax rate of 1.08%. Understanding how these cities compare with Collinsville 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 Collinsville Tax Rate
0.91%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Collinsville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62234 | 0.90% | 0.91% | 0.91% | 0.99% | 1.04% |
Source: Ownwell
Property Tax Assessment Values Across Collinsville, Missouri
In Collinsville, 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 Collinsville, 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. For instance, properties in the zip code with the highest tax bills can expect to pay around $148 annually, while those in the zip code with the lowest tax bills pay approximately $25. 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 Collinsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Collinsville Assessed Value
$3,500
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 Collinsville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62234 | $2,300 | $2,750 | $3,500 | $10,050 | $13,980 |
Source: Ownwell
Property Tax Bills Across Collinsville, Missouri
In Collinsville, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local tax assessor and is a percentage of the market value of the property. Factors such as the property's location, size, and condition play a significant role in determining this value. Once the assessed value is established, the local tax rate is applied to calculate the annual tax bill. For homeowners in Collinsville, the tax burden can vary greatly. For instance, those in the 25th percentile pay around $25 annually, while those in the 75th percentile face a tax bill of approximately $105. At the higher end, the 90th percentile sees a tax bill of about $148. These figures highlight the range of property tax obligations within the community, influenced by the varying assessed values of homes. Understanding these factors helps homeowners anticipate their annual tax responsibilities and plan accordingly.
Average Collinsville Tax Bill
$32
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Collinsville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 62234 | $21 | $25 | $32 | $105 | $148 |
Source: Ownwell