Silex, Missouri Property Taxes
The median property tax rate in Silex, MO is 0.92%, slightly below the national median of 0.99% and significantly lower than Missouri's state median of 1.20%. With the median home value in Silex at $1,400, the typical annual property tax bill is a modest $13, well below the national median of $2,690. Property taxes in Silex are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Silex'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 Silex 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
Silex, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.92%
Estimate Property Tax Bill
$13
Ownwell’s Silex Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silex with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silex 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 Silex, Missouri
Property taxes in Silex, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silex is 0.92%, which is lower than the U.S. national median of 0.99%. Local government entities within Silex set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silex 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 Silex's effective property tax rate to other areas in Missouri and the national median. For comparison, the zip code 63377 has both the highest and lowest median property tax rate of 0.92%, which is the same as Silex's rate. Understanding how these areas compare with Silex provides valuable insights into the varying tax landscape across Lincoln County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silex Tax Rate
0.92%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silex, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63377 | 0.92% | 0.92% | 0.92% | 0.92% | 0.92% |
Source: Ownwell
Property Tax Assessment Values Across Silex, Missouri
In Silex, 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 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 Silex, 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 Silex helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Silex Assessed Value
$1,400
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 Silex, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63377 | $1,400 | $1,400 | $1,400 | $1,400 | $1,400 |
Source: Ownwell
Property Tax Bills Across Silex, Missouri
In Silex, Morgan County, Missouri, property tax bills are calculated based on the assessed value of a property, which is a percentage of its market value. The local assessor determines the market value, and then the assessed value is obtained by applying the state's assessment ratio. For residential properties, Missouri typically uses an assessment ratio of 19%. Once the assessed value is determined, the local tax rate, also known as the millage rate, is applied to calculate the tax bill. In Silex, the median property tax rate is significantly lower than the national median of 0.99%. For example, the tax bill at the 25th, 75th, and 90th percentiles is consistently around $13, reflecting the affordability of property taxes in this region. This low tax burden can be a significant advantage for homeowners, making Silex an appealing location for those looking to minimize their annual expenses. However, it's important to note that while property taxes are low, they still contribute to essential public services like schools, infrastructure, and emergency services.
Average Silex Tax Bill
$13
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Silex, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63377 | $13 | $13 | $13 | $13 | $13 |
Source: Ownwell