Martinsburg, Missouri Property Taxes
The median property tax rate in Martinsburg, MO is 1.21%, slightly higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Martinsburg at $98,000, the typical annual property tax bill reaches $1,191, surpassing the national median of $2,690. Property taxes in Martinsburg are calculated based on the tax assessed value, which typically falls below the market value due to various 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
$1,500,000
$3,000,000
Average Tax Rate
1.21%
Estimate Property Tax Bill
$1,186
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 0.91%, 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 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 highest median property tax rate in the region is also 0.91%, found in the zip code 65264, while the lowest median tax rate is the same at 0.91%. Understanding how these cities compare with Martinsburg provides valuable insights into the varying tax landscape across Montgomery County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martinsburg Tax Rate
1.21%
Average Montgomery County Tax Rate
1.11%
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 | 1.14% | 1.17% | 1.21% | 1.26% | 1.28% |
Source: Ownwell
Property Tax Assessment Values Across Martinsburg, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Martinsburg, Missouri. 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 Montgomery 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 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. The median home price in Martinsburg is $98,000, with the 25th percentile tax bill at $1,123 and the 75th percentile at $1,260. The highest and lowest median tax bills are both $1,191, found in zip code 65264. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Martinsburg Assessed Value
$98,000
Average Montgomery County Assessed Value
$47,300
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 | $94,800 | $96,000 | $98,000 | $100,000 | $101,200 |
Source: Ownwell
Property Tax Bills Across Martinsburg, Missouri
In Martinsburg, located in Montgomery County, MO, property tax bills are calculated based on the assessed value of your home and the local tax rate. The assessed value is typically a percentage of your home's market value. For instance, if the median home price is $98,000, the assessed value might be a fraction of that amount, which is then subject to the local tax rate. Various factors influence your tax bill, including property type, exemptions, and local levies. For homeowners, understanding these factors is crucial as they directly impact the annual tax bill. In Martinsburg, the tax bills can vary significantly. The 25th percentile tax bill is around $1,123, while the 75th percentile is about $1,260, and the 90th percentile reaches $1,301. Compared to the national median property tax rate of 0.99%, Martinsburg's rates can be seen as moderately high, affecting homeowners by adding a notable annual expense. Accurate assessment and awareness of local tax policies can help homeowners manage their financial planning effectively.
Average Martinsburg Tax Bill
$1,191
Average Montgomery County Tax Bill
$560
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 | $1,081 | $1,123 | $1,191 | $1,260 | $1,301 |
Source: Ownwell