Farmington, Missouri Property Taxes
The median property tax rate in Farmington, MO is 1.01%, slightly above the national median of 0.99% but lower than Missouri's state median of 1.20%. With a median home value in Farmington of $153,605, the typical annual property tax bill amounts to $1,535, which is below the national median of $2,690. Property taxes in Farmington are calculated based on the tax assessed value, which is often less than the market value due to exemptions like primary residence and agricultural exemptions. Navigating Farmington's property tax system, exploring available exemptions, and finding ways to reduce assessed values can result in substantial annual savings. Whether residing in the heart of Farmington or its surrounding areas, understanding the local property tax framework is beneficial for 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
1.01%
Estimate Property Tax Bill
$1,551
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 1.01%, slightly higher than the U.S. 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. The data below compares Farmington's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63640 zip code has the highest median property tax rate of 1.01%, while the same zip code also has the lowest median tax rate of 1.01%. Understanding how these cities compare with Farmington provides valuable insights into the varying tax landscape across Ste. Genevieve County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
1.01%
Average Ste. Genevieve County Tax Rate
0.85%
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 |
|---|---|---|---|---|---|
| 63640 | 0.90% | 0.96% | 1.01% | 1.04% | 1.06% |
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 Ste. Genevieve 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. 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. The highest and lowest median tax bills in the 63640 zip code are both $1535, providing a clear benchmark for homeowners in the area.
Average Farmington Assessed Value
$153,605
Average Ste. Genevieve County Assessed Value
$98,970
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 |
|---|---|---|---|---|---|
| 63640 | $37,920 | $85,025 | $153,605 | $232,792 | $332,105 |
Source: Ownwell
Property Tax Bills Across Farmington, Missouri
In Farmington, MO, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of its market value. The local tax rate is then applied to this assessed value to determine the final tax bill. For example, with a median home price of $153,605, homeowners can expect varying tax bills depending on their specific property's assessed value and applicable exemptions. Several factors influence the tax bill, including property size, location, and improvements. In Farmington, the 25th percentile of tax bills is approximately $827, while the 75th percentile reaches around $2,357. At the higher end, the 90th percentile of tax bills can go up to $3,242. The highest median tax bill in the area is $1,535, reflecting the variability within different zip codes. These property taxes significantly impact homeowners, influencing their annual budgeting and long-term financial planning. Compared to the national median property tax rate of 0.99%, Farmington's property tax rates can vary, making it crucial for homeowners to understand their specific obligations.
Average Farmington Tax Bill
$1,535
Average Ste. Genevieve County Tax Bill
$853
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 |
|---|---|---|---|---|---|
| 63640 | $391 | $827 | $1,535 | $2,357 | $3,242 |
Source: Ownwell