Farber, Missouri Property Taxes
The median property tax rate in Farber, MO is 1.42%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Farber at $42,515, the typical annual property tax bill reaches $570, which is significantly lower than the national median of $2,690. Property taxes in Farber 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 Farber'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 Farber 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
Farber, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Farber Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farber with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farber 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 Farber, Missouri
Property taxes in Farber, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farber is 1.42%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Farber set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farber 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 Farber's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63345 zip code has the highest median property tax rate of 1.42%, while the same zip code also has the lowest median tax rate of 1.42%. Understanding how these cities compare with Farber provides valuable insights into the varying tax landscape across Audrain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farber Tax Rate
1.42%
Average Audrain County Tax Rate
1.20%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farber, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63345 | 0.93% | 1.28% | 1.42% | 1.42% | 1.42% |
Source: Ownwell
Property Tax Assessment Values Across Farber, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farber, Missouri. 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 Audrain 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 Farber, 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 Farber helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Farber is $42,515, with the tax bill for the 25th percentile at $391 and the 75th percentile at $747. The highest and lowest median tax bills are both $570 in zip code 63345.
Average Farber Assessed Value
$42,515
Average Audrain County Assessed Value
$51,626
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farber, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63345 | $15,284 | $28,820 | $42,515 | $60,945 | $125,331 |
Source: Ownwell
Property Tax Bills Across Farber, Missouri
In Farber, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the home's market value. Several factors influence the tax bill, including the property's location, size, and any improvements made. The median home price in Farber is $42,515, and the property tax rate in Audrain County is applied to this assessed value. Homeowners in Farber typically see tax bills ranging from $391 at the 25th percentile to $747 at the 75th percentile, with the 90th percentile reaching up to $1,207. These figures indicate how much homeowners might expect to pay annually, depending on their property's assessed value and location within the city. Compared to the national median property tax rate of 0.99%, Farber's rates can significantly impact homeowners, making it essential for them to understand these factors when budgeting for annual expenses.
Average Farber Tax Bill
$570
Average Audrain County Tax Bill
$587
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Farber, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63345 | $217 | $391 | $570 | $747 | $1,207 |
Source: Ownwell