Martinsville, Missouri Property Taxes
The median property tax rate in Martinsville, MO is 1.23%, higher than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $45,365 in Martinsville, the typical annual property tax bill is $535, which is below the national median of $2,690. Property taxes in Martinsville are calculated based on the assessed value, which often falls below the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Martinsville'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 Martinsville 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
Martinsville, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.23%
Estimate Property Tax Bill
$558
Ownwell’s Martinsville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Martinsville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martinsville 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 Martinsville, Missouri
Property taxes in Martinsville, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Martinsville is 1.23%, which is higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Martinsville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martinsville 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 Martinsville's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64467 zip code has the highest median property tax rate of 1.23%, while the same zip code also has the lowest median tax rate of 1.23%. Understanding how these areas compare with Martinsville provides valuable insights into the varying tax landscape across Harrison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martinsville Tax Rate
1.23%
Average Harrison County Tax Rate
1.31%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martinsville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64467 | 0.99% | 1.09% | 1.23% | 1.35% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Martinsville, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Martinsville, 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 Harrison 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 Martinsville, 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 Martinsville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Martinsville is $45,365, with the highest and lowest median tax bills both recorded at $535 in the 64467 zip code.
Average Martinsville Assessed Value
$45,365
Average Harrison County Assessed Value
$35,200
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Martinsville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64467 | $3,630 | $21,560 | $45,365 | $82,420 | $142,740 |
Source: Ownwell
Property Tax Bills Across Martinsville, Missouri
In Martinsville, property tax bills are calculated based on the assessed value of your home, which is determined by the local county assessor. The assessed value typically represents a percentage of the market value of the property. For example, with a median home price of $45,365 in Martinsville, homeowners can expect their property tax bill to vary widely depending on their home's specific assessed value and the local tax rate. The tax bill is influenced by several factors, including the property's location within Harrison County, any applicable exemptions, and the specific tax rate set by local taxing authorities. In Martinsville, the 25th percentile tax bill is $266, while the 75th percentile bill is $919, and the 90th percentile reaches $1,673. This range indicates how property taxes can significantly impact homeowners, with some paying relatively modest amounts and others facing higher bills. Comparatively, the highest and lowest median tax bills in the region both stand at $535 in the 64467 zip code, showcasing the variability within the area.
Average Martinsville Tax Bill
$535
Average Harrison County Tax Bill
$480
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Martinsville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64467 | $89 | $266 | $535 | $919 | $1,673 |
Source: Ownwell