Salem, Missouri Property Taxes
The median property tax rate in Salem, MO is 0.77%, which is lower than both the national median of 0.99% and Missouri's state median of 1.20%. With the median home value in Salem at $83,626, the typical annual property tax bill amounts to $616, significantly below the national median of $2,690. Property taxes in Salem are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Salem’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 Salem 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
Salem, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$644
Ownwell’s Salem Property Tax Bill Calculator enables homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Salem with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Salem to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities and plan your finances accordingly. For those interested in more detailed trends at the neighborhood level, additional localized information is available further down the page. Your property’s assessed value, determined by the county, is crucial for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Salem, Missouri
Property taxes in Salem, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Salem is 0.53%, which is lower than both the Missouri state median of 0.97% and the U.S. national median of 0.99%. Local government entities within Salem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salem 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 Salem's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65560 zip code in Phelps County has a median property tax rate of 0.77%, which is higher than Salem's rate. Understanding how these cities compare with Salem provides valuable insights into the varying tax landscape across Dent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Salem Tax Rate
0.77%
Average Phelps County Tax Rate
0.98%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Salem, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65560 | 0.66% | 0.74% | 0.77% | 0.79% | 0.79% |
Source: Ownwell
Property Tax Assessment Values Across Salem, Missouri
In Salem, 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 Phelps 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 Salem, 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 Salem helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Salem is $83,626, with tax bills ranging from $439 at the 25th percentile to $1,371 at the 90th percentile. The zip code 65560 features the highest median tax bill of $616.
Average Salem Assessed Value
$83,626
Average Phelps County Assessed Value
$106,880
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Salem, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65560 | $37,438 | $58,884 | $83,626 | $151,798 | $179,483 |
Source: Ownwell
Property Tax Bills Across Salem, Missouri
In Salem, located in Phelps County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, a median home price in Salem is $83,626. The assessed value is then multiplied by the local tax rate to determine the final tax bill. Homeowners in this region see a wide range of tax bills, with the 25th percentile at $439 and the 75th percentile at $1,165. The highest median tax bill in the area is recorded at $616 in the 65560 zip code. These figures highlight the variability in property taxes, which can significantly impact homeowners' annual expenses. Factors such as property improvements, neighborhood developments, and changes in local tax rates can influence these amounts. Understanding how these elements interact is crucial for homeowners to anticipate their financial obligations and plan accordingly.
Average Salem Tax Bill
$616
Average Phelps County Tax Bill
$1,009
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Salem, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65560 | $296 | $439 | $616 | $1,165 | $1,371 |
Source: Ownwell