Peoria Heights, Missouri Property Taxes
The median property tax rate in Peoria Heights, MO is 1.40%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Peoria Heights, the typical annual property tax bill reaches $28, exceeding the national median of $2,690. Property taxes in Peoria Heights 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 Peoria Heights' property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Peoria Heights 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
Peoria Heights, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.4%
Estimate Property Tax Bill
$28
Ownwell’s Peoria Heights Property Tax Bill Calculator helps homeowners, real estate investors, and potential buyers estimate their annual property taxes in Peoria Heights with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Peoria Heights 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 Peoria Heights, Missouri
Property taxes in Peoria Heights, Missouri, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Peoria Heights is 1.40%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Peoria Heights set these rates annually, and they can vary significantly across different neighborhoods. Each year, Peoria Heights 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 Peoria Heights's effective property tax rate to other counties in Missouri and the national median. For comparison, the highest median property tax rate in Missouri is significantly higher than Peoria Heights, while the lowest median tax rate is notably lower. Understanding how these cities compare with Peoria Heights 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 Peoria Heights Tax Rate
1.40%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Peoria Heights, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Peoria Heights, Missouri
In Peoria Heights, 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. In Peoria Heights, 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 Peoria Heights 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 28 and 28, respectively.
Average Peoria Heights Assessed Value
$2,000
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 Peoria Heights, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Peoria Heights, Missouri
In Peoria Heights, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a property. The assessed value is determined by the local assessor's office, which evaluates the market value of the property and then applies an assessment ratio to arrive at the assessed value. This assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the assessed value, including the property's location, size, and condition. Market trends and recent sales of similar properties in the area also play a significant role. For homeowners in Peoria Heights, the tax bills can vary significantly. For instance, the 25th, 75th, and 90th percentiles of tax bills are all reported to be $28, suggesting a uniform tax rate and similar property values within the area. Compared to the national median property tax rate of 0.99%, Peoria Heights appears to have a relatively low property tax burden. This can be beneficial for homeowners, as it reduces the overall cost of owning property in the region.
Average Peoria Heights Tax Bill
$28
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Peoria Heights, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell