Martinsburg, Missouri Property Taxes
The median property tax rate in Martinsburg, MO is 1.13%, which is notably higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With the median home value in Martinsburg at $104,770, the typical annual property tax bill is approximately $1,148, falling below the national median of $2,690. Property taxes in Martinsburg are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Martinsburg'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 Martinsburg 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
Martinsburg, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Martinsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Martinsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martinsburg 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 Martinsburg, Missouri
Property taxes in Martinsburg, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Martinsburg is 1.13%, which is higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Martinsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martinsburg 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 Martinsburg's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65264 has the highest median property tax rate of 1.13%, while the same zip code also has the lowest median tax rate of 1.13%. Understanding how these areas compare with Martinsburg provides valuable insights into the varying tax landscape across Callaway County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martinsburg Tax Rate
1.13%
Average Callaway County Tax Rate
1.19%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martinsburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65264 | 0.73% | 0.97% | 1.13% | 1.18% | 1.22% |
Source: Ownwell
Property Tax Assessment Values Across Martinsburg, Missouri
In Martinsburg, 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 Callaway 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 Martinsburg, 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 Martinsburg helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 65264 has the highest and lowest median tax bill at $1,148.
Average Martinsburg Assessed Value
$104,770
Average Callaway County Assessed Value
$118,130
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Martinsburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65264 | $36,242 | $55,270 | $104,770 | $158,820 | $221,298 |
Source: Ownwell
Property Tax Bills Across Martinsburg, Missouri
In Martinsburg, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Martinsburg is $104,770. Property tax rates in Callaway County are applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including the property's location, the local tax rate, and any applicable exemptions or deductions. For instance, in Martinsburg, the 25th percentile tax bill is $586, while the 75th percentile tax bill is $1,898, and the 90th percentile tax bill reaches $2,478. These figures indicate the range of property tax bills homeowners can expect, with the highest median tax bill in the zip code 65264 being $1,148. Compared to the national median property tax rate of 0.99%, homeowners in Martinsburg may find their tax bills vary significantly based on their property's assessed value and other contributing factors. This variability underscores the importance of understanding how local assessments and tax rates impact overall property tax obligations.
Average Martinsburg Tax Bill
$1,148
Average Callaway County Tax Bill
$1,342
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Martinsburg, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65264 | $285 | $586 | $1,148 | $1,898 | $2,478 |
Source: Ownwell