Durham, Missouri Property Taxes
The median property tax rate in Durham, MO is 1.05%, which is slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With a median home value of $92,445 in Durham, the typical annual property tax bill amounts to $930, which is below the national median of $2,690. Property taxes in Durham are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Durham'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 Durham 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
Durham, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$971
Ownwell’s Durham Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Durham with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Durham 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 Durham, Missouri
Property taxes in Durham, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Durham is 1.05%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Durham set these rates annually, and they can vary significantly across different neighborhoods. Each year, Durham 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 Durham's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63438 zip code has the highest median property tax rate of 1.05%, while the 63438 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Durham provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Durham Tax Rate
1.05%
Average Marion County Tax Rate
1.02%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Durham, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63438 | 0.72% | 0.97% | 1.05% | 1.11% | 1.14% |
Source: Ownwell
Property Tax Assessment Values Across Durham, Missouri
In Durham, 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 Marion 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 Durham, 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 Durham helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Durham, both at $930.00, are found in the zip code 63438.
Average Durham Assessed Value
$92,445
Average Marion County Assessed Value
$80,490
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Durham, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63438 | $14,492 | $39,555 | $92,445 | $131,165 | $192,285 |
Source: Ownwell
Property Tax Bills Across Durham, Missouri
In Durham, Marion County, MO, property tax bills are calculated based on the assessed value of a home, which is derived from its market value. The local tax rate is applied to this assessed value to determine the annual tax bill. For example, with a median home price of $92,445, the tax bill can vary significantly. At the 25th percentile, homeowners might pay around $392, while those at the 75th percentile could see bills as high as $1,460. The 90th percentile tax bill reaches up to $1,962. These figures highlight the range of tax burdens property owners might face depending on their home's value and the specific tax rate applied. Compared to the national median property tax rate of 0.99%, Durham's rates and resulting tax bills can offer insight into regional differences. Homeowners must consider these factors when budgeting for annual expenses, as property taxes can significantly impact overall housing costs.
Average Durham Tax Bill
$930
Average Marion County Tax Bill
$807
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Durham, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63438 | $103 | $392 | $930 | $1,460 | $1,962 |
Source: Ownwell