Farley, Missouri Property Taxes
The median property tax rate in Farley, MO is 1.27%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Farley at $148,695, the typical annual property tax bill reaches $1,831, exceeding the national median of $2,690. Property taxes in Farley 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 Farley'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 Farley 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
Farley, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.27%
Estimate Property Tax Bill
$1,888
Ownwell’s Farley Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farley with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farley 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 Farley, Missouri
Property taxes in Farley, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farley is 1.27%, significantly higher than the U.S. national median of 0.99%. Local government entities within Farley set these rates annually, and they can vary across different neighborhoods. Each year, Farley 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 Farley's effective property tax rate to other cities in Missouri and the national median. For comparison, the zip code 64028 in Platte County has the same median property tax rate of 1.27%. Understanding how these cities compare with Farley provides valuable insights into the varying tax landscape across Platte County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farley Tax Rate
1.27%
Average Platte County Tax Rate
1.45%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farley, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64028 | 1.26% | 1.27% | 1.27% | 1.27% | 1.27% |
Source: Ownwell
Property Tax Assessment Values Across Farley, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Farley, 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 Platte 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 Farley, 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 Farley helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in the area are both $1831.00, found in the zip code 64028.
Average Farley Assessed Value
$148,695
Average Platte County Assessed Value
$243,632
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farley, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64028 | $67,585 | $103,437 | $148,695 | $186,024 | $233,964 |
Source: Ownwell
Property Tax Bills Across Farley, Missouri
In Farley, Platte County, MO, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. The assessed value is typically a percentage of the market value, which is determined by the county assessor. For instance, if the median home price is $148,695, the assessed value is a fraction of this amount. The local tax rate is then applied to this assessed value to calculate the annual tax bill. Several factors influence the tax bill, including the property's location, size, and any applicable exemptions. Homeowners in Farley can expect tax bills to vary significantly. For example, at the 25th percentile, property tax bills are around $1,310, while at the 75th percentile, they can reach up to $2,356. The highest median tax bill recorded in the area is $1,831, which is slightly above the national median property tax rate of 0.99%. These variations can impact homeowners' financial planning, making it essential to understand how property taxes are calculated and what factors influence them.
Average Farley Tax Bill
$1,831
Average Platte County Tax Bill
$3,540
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Farley, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64028 | $694 | $1,310 | $1,831 | $2,356 | $2,963 |
Source: Ownwell