Holts Summit, Missouri Property Taxes
The median property tax rate in Holts Summit, MO is 0.84%, which is considerably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Holts Summit, the typical annual property tax bill reaches $72, significantly below the national median of $2,690. Property taxes in Holts Summit 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 Holts Summit'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 Holts Summit 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
Holts Summit, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$60
Ownwell’s Holts Summit Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Holts Summit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Holts Summit 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 Holts Summit, Missouri
Property taxes in Holts Summit, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Holts Summit is 0.84%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Holts Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Holts Summit 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 Holts Summit's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65043 zip code has the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Holts Summit provides valuable insights into the varying tax landscape across Callaway County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Holts Summit Tax Rate
0.84%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Holts Summit, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65043 | 0.80% | 0.81% | 0.84% | 0.93% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Holts Summit, Missouri
In Holts Summit, 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 Callaway 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. In Holts Summit, 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 Holts Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest tax bill in Holts Summit is 65043, with an estimated bill of $1,338, while the lowest is also in 65043, with an estimated bill of $34.
Average Holts Summit Assessed Value
$7,200
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 Holts Summit, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65043 | $1,100 | $3,650 | $7,200 | $106,100 | $160,410 |
Source: Ownwell
Property Tax Bills Across Holts Summit, Missouri
In Holts Summit, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is a percentage of the home's market value, which is determined by the county assessor. For example, the median home price in Holts Summit is $7,200. Property tax rates in this region can vary, but they typically align with the county's standards. Tax bills are influenced by several factors, including the property's assessed value, local tax rates, and any applicable exemptions or deductions. In Holts Summit, the 25th percentile tax bill is $34, while the 75th percentile tax bill reaches $1,082, and the 90th percentile tax bill climbs to $1,338. These figures highlight the range of tax liabilities homeowners may face, depending on their property's value and specific circumstances. For homeowners, understanding these factors is crucial as property taxes can significantly impact their annual expenses. Comparing these local rates to the national median property tax rate of 0.99% can provide additional context on how Holts Summit's tax rates measure up.
Average Holts Summit Tax Bill
$72
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Holts Summit, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65043 | $8 | $34 | $72 | $1,082 | $1,338 |
Source: Ownwell