Wichita, Missouri Property Taxes
The median property tax rate in Wichita, MO is 3.00%, significantly higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Wichita, the typical annual property tax bill reaches $36, which is considerably below the national median of $2,690. Property taxes in Wichita 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 Wichita'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 Wichita 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
Wichita, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3%
Estimate Property Tax Bill
$36
Ownwell’s Wichita Property Tax Bill Calculator allows homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Wichita with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Wichita to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities, making it easier to plan your finances. For those interested in neighborhood-level trends, more localized information is available below. Your property's assessed value is determined by the county for tax calculations and includes any applicable exemptions.
Property Tax Rates Across Wichita, Missouri
Property taxes in Wichita, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Wichita is 3.00%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Wichita set these rates annually, and they can vary significantly across different neighborhoods. Each year, Wichita 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 Wichita's effective property tax rate to other counties in Missouri and the national median. For comparison, the highest median property tax rate in the region is 3.00%, while the lowest median tax rate is significantly lower. Understanding how these cities compare with Wichita 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 Wichita Tax Rate
3.00%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Wichita, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Assessment Values Across Wichita, Missouri
In Wichita, 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 Wichita, 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 Wichita helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Wichita 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 Wichita, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell
Property Tax Bills Across Wichita, Missouri
In Wichita, Morgan County, MO, property tax bills are calculated based on the assessed value of the property. The assessed value is determined by the county assessor and is a percentage of the property's market value. Various factors influence this assessed value, including the property's location, size, and condition. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. For homeowners in Wichita, the property tax rate in Morgan County is notably lower than the national median property tax rate of 0.99%. With a median home price of $1,200, the tax bills at the 25th, 75th, and 90th percentiles are all consistent at $36. This uniformity reflects a stable tax environment, which can be beneficial for homeowners planning their budgets. Lower property taxes can make homeownership more affordable and can also attract potential buyers to the area, positively impacting the local real estate market.
Average Wichita 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 Wichita, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|
Source: Ownwell