Farmington, Missouri Property Taxes
The median property tax rate in Farmington, MO is 3.20%, significantly higher than both the national median of 0.99% and Missouri's state median of 1.20%. With the median home value in Farmington, the typical annual property tax bill reaches $35, far below the national median of $2,690. Property taxes in Farmington 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 Farmington'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 Farmington 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
Farmington, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
3.2%
Estimate Property Tax Bill
$35
Ownwell’s Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, Missouri
Property taxes in Farmington, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 1.02%, slightly higher than the national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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. For comparison, the 63640 zip code has the highest median property tax rate of 1.02%, while the same zip code also has the lowest median tax rate of 1.02%. Understanding how these cities compare with Farmington provides valuable insights into the varying tax landscape across St. Francois County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
3.20%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55024 | 3.20% | 3.20% | 3.20% | 3.20% | 3.20% |
| 63640 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Missouri
In Farmington, 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 Farmington, 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. For instance, the zip code with the highest tax bill is 63640, while the lowest is 63645. 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 Farmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Farmington Assessed Value
$1,100
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 Farmington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55024 | $1,100 | $1,100 | $1,100 | $1,100 | $1,100 |
| 63640 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell
Property Tax Bills Across Farmington, Missouri
In Farmington, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by county assessors. This value is a percentage of the property's market value. The tax rate, applied to the assessed value, is set by local taxing authorities and can vary depending on the needs of the community, such as funding for schools, infrastructure, and public services. Several factors influence the assessed value, including the property's size, location, and condition. For homeowners in Farmington, the property tax rate is crucial as it directly impacts their annual tax bill. Compared to the national median property tax rate of 0.99%, Farmington's rate may vary, offering potential savings or higher costs depending on local rates. Understanding how these elements interplay helps homeowners anticipate their property tax obligations and manage their finances more effectively. Regular reassessments ensure that tax bills reflect current market conditions, keeping the tax system fair and equitable for all property owners in the area.
Average Farmington Tax Bill
$35
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 55024 | $35 | $35 | $35 | $35 | $35 |
| 63640 | N/A | N/A | N/A | N/A | N/A |
Source: Ownwell