Kankakee, Missouri Property Taxes
The median property tax rate in Kankakee, MO is 3.01%, significantly higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Kankakee, the typical annual property tax bill reaches $36, far below the national median of $2,690. Property taxes in Kankakee 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 Kankakee'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 Kankakee 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
Kankakee, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.01%
Estimate Property Tax Bill
$36
Ownwell’s Kankakee Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Kankakee with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Kankakee 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 Kankakee, Missouri
Property taxes in Kankakee, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Kankakee is 3.01%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Kankakee set these rates annually, and they can vary significantly across different neighborhoods. Each year, Kankakee 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. Understanding how Kankakee's effective property tax rate compares to other counties in Missouri and the national median 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 Kankakee Tax Rate
3.01%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Kankakee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Kankakee, Missouri
In Kankakee, 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 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 Kankakee, 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 Kankakee helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Kankakee Assessed Value
$1,200
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 Kankakee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Kankakee, Missouri
In Kankakee, located in Morgan County, Missouri, property tax bills are calculated based on the assessed value of a home. This assessed value is determined by the county assessor and is typically a percentage of the property's market value. Various factors, such as the home's size, location, and condition, influence this valuation. Once the assessed value is established, the local tax rate is applied to calculate the tax bill. For homeowners in Kankakee, the property tax rate plays a significant role in determining their annual tax bills. The median home price in this area is $1,200, with property tax bills at the 25th, 75th, and 90th percentiles all being $36. This consistency suggests a relatively uniform tax rate across different property values. Compared to the national median property tax rate of 0.99%, Kankakee's rate appears to be lower, making it a more affordable option for homeowners. This lower tax burden can contribute to overall lower living costs, benefiting residents financially.
Average Kankakee Tax Bill
$36
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Kankakee, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell