Palmyra, Missouri Property Taxes
The median property tax rate in Palmyra, MO is 0.85%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $146,000 in Palmyra, the typical annual property tax bill amounts to $1,244, significantly below the national median of $2,690. Property taxes in Palmyra are determined based on the tax assessed value, which is often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Palmyra's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Palmyra or another part of the city, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Palmyra, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$1,241
Ownwell’s Palmyra Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmyra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmyra 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 Palmyra, Missouri
Property taxes in Palmyra, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Palmyra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmyra 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 Palmyra's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63461 zip code has both the highest and lowest median property tax rate of 0.85%. Understanding how these cities compare with Palmyra 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 Palmyra Tax Rate
0.85%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmyra, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63461 | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Palmyra, Missouri
In Palmyra, 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 local 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 Palmyra, 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 Palmyra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Palmyra are both $1,244, found in the zip code 63461, which underscores the uniformity in property tax assessments within the area.
Average Palmyra Assessed Value
$146,000
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palmyra, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63461 | $146,000 | $146,000 | $146,000 | $146,000 | $146,000 |
Source: Ownwell
Property Tax Bills Across Palmyra, Missouri
In Palmyra, located in Morgan County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is typically a percentage of the property's market value. For homeowners in Palmyra, the median home price stands at $146,000. The property tax rate is applied to this assessed value to calculate the annual tax bill. Several factors influence the final tax bill, including the property's location, market conditions, and any applicable exemptions or deductions. In Palmyra, the median property tax bill is $1,244, which is notably higher than the national median property tax rate of 0.99%. This consistent median tax bill of $1,244 applies across different percentiles, indicating a uniform tax rate within the area. For homeowners, understanding these calculations is crucial as property taxes directly impact annual financial planning. Higher property taxes can affect the affordability of homeownership, influencing decisions about buying or maintaining a property in Palmyra.
Average Palmyra Tax Bill
$1,244
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmyra, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63461 | $1,244 | $1,244 | $1,244 | $1,244 | $1,244 |
Source: Ownwell