Colorado Springs, Missouri Property Taxes
The median property tax rate in Colorado Springs, MO is 1.78%, significantly higher than both the national median of 0.99% and Missouri's state median of 1.20%. With the median home value in Colorado Springs, the typical annual property tax bill reaches $52, which is far below the national median of $2,690. Property taxes in Colorado Springs are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Colorado Springs' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Colorado Springs 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
Colorado Springs, 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 Colorado Springs Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Colorado Springs with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Colorado Springs 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 Colorado Springs, Missouri
Property taxes in Colorado Springs, Missouri, are essential for funding vital local services such as public schools, road maintenance, and emergency services. The median tax rate in Colorado Springs is 1.78%, significantly higher than the U.S. national median of 0.99%. Local government entities within Colorado Springs set these rates annually, and they can vary considerably across different neighborhoods. Each year, Colorado Springs 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 Colorado Springs' effective property tax rate to other areas in Missouri and the national median. For comparison, the 80920 zip code has the highest median property tax rate of 1.61%, while the same 80920 zip code also has the lowest median tax rate of 1.61%. Understanding how these areas compare with Colorado Springs 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 Colorado Springs Tax Rate
1.78%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Colorado Springs, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80920 | 1.61% | 1.61% | 1.61% | 1.61% | 1.61% |
Source: Ownwell
Property Tax Assessment Values Across Colorado Springs, Missouri
In Colorado Springs, 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. 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 Colorado Springs helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Colorado Springs, Missouri
Source: Ownwell
$1,100
$177,225
$353,350
Average Colorado Springs Assessed Value
$3,000
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 Colorado Springs, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80920 | $3,600 | $3,600 | $3,600 | $3,600 | $3,600 |
Source: Ownwell
Property Tax Bills Across Colorado Springs, Missouri
In Colorado Springs, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a property. The assessed value is a percentage of the property's market value, which is determined by local assessors. For homeowners, this means that factors such as property size, location, and improvements can influence the assessed value. Once the assessed value is established, the local tax rate is applied to determine the tax bill. The median home price in the area is $3,000, and property tax rates can vary significantly. For instance, the tax bill at the 25th percentile is $50, while at the 75th percentile, it rises to $55, and at the 90th percentile, it reaches $57. These property taxes are essential for funding local services such as schools, public safety, and infrastructure. Homeowners in Colorado Springs should be aware of these factors as they directly impact their annual property tax obligations, influencing their overall cost of homeownership.
Average Colorado Springs Tax Bill
$52
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Colorado Springs, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 80920 | $58 | $58 | $58 | $58 | $58 |
Source: Ownwell