Marshall, Missouri Property Taxes
The median property tax rate in Marshall, MO is 1.20%, aligning with the state median but notably higher than the national median of 0.99%. With a median home value of $11,800 in Marshall, the typical annual property tax bill amounts to $114, which is significantly lower than the national median of $2,690. Property taxes in Marshall are determined based on the tax assessed value, often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Navigating Marshall's property tax system, leveraging available exemptions, and seeking opportunities for reductions can result in substantial yearly savings. Whether you reside in the bustling center of Marshall or its quieter outskirts, a thorough understanding of the local property tax system is advantageous for both homeowners and real estate investors.
Last Updated June 14, 2024
Marshall, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$142
Ownwell’s Marshall Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marshall with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marshall 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 Marshall, Missouri
Property taxes in Marshall, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marshall is 1.35%, which is significantly higher than both the Missouri state median of 0.91% and the U.S. national median of 0.99%. Local government entities within Marshall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marshall 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 Marshall's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65340 zip code has the highest median property tax rate of 1.35%, while the same zip code also has the lowest median tax rate of 1.35%. Understanding how these cities compare with Marshall provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marshall Tax Rate
1.20%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marshall, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65340 | 0.89% | 0.95% | 1.20% | 2.07% | 3.25% |
Source: Ownwell
Property Tax Assessment Values Across Marshall, Missouri
In Marshall, 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 Saline 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 Marshall, 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 Marshall helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 65340 in Marshall has both the highest and lowest median tax bill, valued at $114.
Average Marshall Assessed Value
$11,800
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 Marshall, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65340 | $2,030 | $3,875 | $11,800 | $30,425 | $51,530 |
Source: Ownwell
Property Tax Bills Across Marshall, Missouri
In Marshall, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the market value of the property. Factors such as property size, location, and improvements can influence the assessed value. For instance, the median home price in Marshall is $11,800. Once the assessed value is established, the local tax rate is applied to calculate the annual property tax bill. In Marshall, tax bills can vary significantly: the 25th percentile tax bill is $60, while the 75th percentile tax bill is $281. For those in the 90th percentile, tax bills can reach up to $502. These property taxes are crucial for funding local services such as schools, public safety, and infrastructure. Homeowners in Marshall benefit from relatively lower property tax rates compared to the national median property tax rate of 0.99%, making it an appealing location for those seeking affordability in property ownership.
Average Marshall Tax Bill
$114
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Marshall, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65340 | $43 | $60 | $114 | $281 | $502 |
Source: Ownwell