Hammond, Missouri Property Taxes
The median property tax rate in Hammond, MO is 0.96%, slightly below the national median of 0.99% and significantly lower than the Missouri state median of 1.20%. With the median home value in Hammond, the typical annual property tax bill is just $59, which is far less than the national median of $2,690. Property taxes in Hammond are based on the tax assessed value, which is generally lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Hammond’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 Hammond 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
Hammond, 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 Hammond Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Hammond with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Hammond 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 Hammond, Missouri
Property taxes in Hammond, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Hammond is 0.96%, slightly lower than the U.S. national median of 0.99%. Local government entities within Hammond set these rates annually, and they can vary significantly across different neighborhoods. Each year, Hammond 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 Hammond's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 46323 has both the highest and lowest median property tax rate of 0.96%. Understanding how these cities compare with Hammond 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 Hammond Tax Rate
0.96%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Hammond, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46323 | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Hammond, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Hammond, Missouri. 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 Assessor 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 Hammond helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip codes with the highest and lowest tax bills are 59 and 59, respectively.
Average Hammond Assessed Value
$6,100
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 Hammond, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46323 | $6,100 | $6,100 | $6,100 | $6,100 | $6,100 |
Source: Ownwell
Property Tax Bills Across Hammond, Missouri
Property tax bills in Hammond, located in Morgan County, MO, are calculated based on the assessed value of a property. The assessed value is determined by the local tax assessor, who evaluates the property's market value and then applies the relevant assessment ratio. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. In Hammond, the median home price is quite low at $6,100, which significantly influences the tax bills. For example, the 25th, 75th, and 90th percentiles of tax bills are all $59. This consistency indicates a stable and predictable property tax environment for homeowners. Compared to the national median property tax rate of 0.99%, homeowners in Hammond benefit from relatively low property tax bills, which can make homeownership more affordable. Understanding these factors is crucial for homeowners as it directly impacts their annual financial planning. Lower property taxes can be a significant advantage, especially in areas with lower home values, providing residents with financial relief and stability.
Average Hammond Tax Bill
$59
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Hammond, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46323 | $59 | $59 | $59 | $59 | $59 |
Source: Ownwell