63556 Property Tax Rate

Property owners in ZIP code 63556 (Milan, Missouri) pay a median of $924/year in property taxes on homes valued at $118,500. This translates to an effective tax rate of 0.78%, which is near the Missouri state average of 0.78%.

The monthly property tax burden for a median-valued home in 63556 is approximately $77, which factors into escrow payments on mortgages. This ZIP code is located within Sullivan County. This is $452 less than the Missouri average of $1,376/year.

Compared to similar ZIP codes in Missouri, 63556 has higher property taxes. ZIP codes with similar effective rates include 65360 (0.78%) and 63390 (0.78%).

In Milan, property taxes represent approximately 1.7% of the median household income of $55,791, providing context for the relative tax burden on homeowners in this area.

Missouri reassesses all properties to fair market value upon sale, with no state ceiling on post-purchase tax growth, so your obligation will reflect the purchase price or appraised value. Sullivan County provides Homestead Exemption and Age 65+ Senior Exemption programs available through the Sullivan County Assessor — file applications within 30 days of closing to reduce your taxable assessed value. Obtain your Assessment Notice and verify the value against comparable sales in Sullivan County; if the assessment seems high, file a formal appeal with the Sullivan County Board of Equalization by the deadline.