Farrar, Missouri Property Taxes
The median property tax rate in Farrar, MO is 0.85%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Farrar at $64,810, the typical annual property tax bill is $535, significantly below the national median of $2,690. Property taxes in Farrar are calculated based on the tax assessed value, which generally falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Farrar'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 Farrar 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
Farrar, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$551
Ownwell’s Farrar Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farrar with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farrar 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 Perry County for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Farrar, Missouri
Property taxes in Farrar, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farrar is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Farrar set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farrar 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 Farrar's effective property tax rate to other areas in Perry County and the national median. For comparison, the 63746 zip code has the highest median property tax rate of 0.85%, while the same zip code also represents the lowest median tax rate of 0.85%. Understanding how these areas compare with Farrar provides valuable insights into the varying tax landscape across Perry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farrar Tax Rate
0.85%
Average Perry County Tax Rate
0.85%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farrar, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63746 | 0.81% | 0.84% | 0.85% | 0.85% | 0.85% |
Source: Ownwell
Property Tax Assessment Values Across Farrar, Missouri
In Farrar, 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 Perry 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 Farrar, 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 Farrar helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 63746 has the highest and lowest median tax bill, both at $535, which is below the national median property tax rate of 0.99%.
Average Farrar Assessed Value
$64,810
Average Perry County Assessed Value
$121,185
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farrar, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63746 | $52,206 | $59,958 | $64,810 | $102,532 | $130,000 |
Source: Ownwell
Property Tax Bills Across Farrar, Missouri
In Farrar, MO, property tax bills are calculated based on the assessed value of a home, which is typically a percentage of the market value. For example, with a median home price of $64,810, the assessed value determines the foundation of the tax bill. Tax rates are applied to this assessed value to calculate the final tax bill. Factors such as property size, location, and any improvements made can influence the assessed value, thereby impacting the tax bill. Homeowners in Farrar can expect tax bills to vary significantly. The 25th percentile tax bill is around $506, while the 75th percentile reaches up to $868. For those in the 90th percentile, tax bills can be as high as $1,100. This variability shows how different factors, including home value and local tax rates, affect overall property tax obligations. Compared to the national median property tax rate of 0.99%, Farrar's property tax bills are influenced by local assessments and rates, making it essential for homeowners to understand how their specific circumstances impact their tax liabilities.
Average Farrar Tax Bill
$535
Average Perry County Tax Bill
$1,096
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Farrar, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63746 | $442 | $506 | $535 | $868 | $1,100 |
Source: Ownwell