Lees Summit, Morgan County, Missouri Property Taxes
The median property tax rate in Lees Summit, MO is 0.85%, 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 $60,100 in Lees Summit, the typical annual property tax bill is $547, significantly less than the national median of $2,690. Property taxes in Lees Summit are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Lees 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 Lees 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
Lees Summit, Morgan County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$511
$474
Ownwell’s Lees Summit Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Lees Summit with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lees 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 Lees Summit, Morgan County, Missouri
Property taxes in Lees 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 Lees Summit is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Lees Summit set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lees 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 Lees Summit's effective property tax rate to other areas in Morgan County and the national median. For comparison, the 64063 zip code has the highest median property tax rate of 0.94%, while the 64081 zip code has the lowest median tax rate of 0.85%. Understanding how these areas compare with Lees Summit 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 Lees Summit Tax Rate
0.85%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lees Summit, Morgan County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64063 | 0.85% | 0.90% | 0.94% | 0.96% | 1.82% |
| 64064 | N/A | N/A | N/A | N/A | N/A |
| 64081 | N/A | N/A | N/A | N/A | N/A |
| 64082 | N/A | N/A | N/A | N/A | N/A |
| 64086 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Lees Summit, Morgan County, Missouri
In Lees 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 local 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 Lees 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 Lees Summit helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in Lees Summit is $1,191 in the 64081 zip code, while the lowest is $217 in the 64086 zip code.
Property Tax Assessment Values Across Lees Summit, Morgan County, Missouri
Source: Ownwell
$1,750
$74,875
$148,000
Average Lees Summit Assessed Value
$60,100
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 Lees Summit, Morgan County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64063 | $2,700 | $12,175 | $67,550 | $142,750 | $262,700 |
| 64064 | N/A | N/A | N/A | N/A | N/A |
| 64081 | N/A | N/A | N/A | N/A | N/A |
| 64082 | N/A | N/A | N/A | N/A | N/A |
| 64086 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Lees Summit, Morgan County, Missouri
In Lees Summit, property tax bills are calculated based on the assessed value of your home, which is determined by the local assessor's office. This assessed value is a percentage of the property's market value. For instance, if a home has a median market value of $60,100, the assessed value will be a fraction of this amount, depending on local regulations. The tax rate, or millage rate, is then applied to the assessed value to determine the tax bill. This rate can vary depending on the specific needs and budgets of local government entities, such as schools and public services. In Lees Summit, the median property tax bill varies significantly, with the 25th percentile at $64 and the 75th percentile at $1,234. The highest median tax bill in the area is $1,191 in the 64081 zip code, while the lowest is $217 in the 64086 zip code. These taxes directly impact homeowners by contributing to community services, but they also represent a significant annual expense that varies widely based on the property's assessed value and location within the city.
Average Lees Summit Tax Bill
$547
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Lees Summit, Morgan County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64063 | $48 | $129 | $601 | $1,267 | $2,446 |
| 64064 | N/A | N/A | N/A | N/A | N/A |
| 64081 | N/A | N/A | N/A | N/A | N/A |
| 64082 | N/A | N/A | N/A | N/A | N/A |
| 64086 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell