Palmyra, Missouri Property Taxes
The median property tax rate in Palmyra, MO is 1.06%, 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 $190,865 in Palmyra, the typical annual property tax bill is around $2,020, which is below the national median of $2,690. Property taxes in Palmyra are calculated based on the tax assessed value, which is often lower than the market value due to exemptions such as those for primary residences and agricultural properties. Understanding Palmyra'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 Palmyra 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
Palmyra, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.06%
Estimate Property Tax Bill
$2,023
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, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 1.06%, which is higher than both the Missouri state median and 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 the highest median property tax rate of 1.06%, while the 63461 zip code also has the lowest median tax rate of 1.06%. Understanding how these cities compare with Palmyra provides valuable insights into the varying tax landscape across Ralls County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmyra Tax Rate
1.06%
Average Ralls County Tax Rate
0.98%
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 | 1.06% | 1.06% | 1.06% | 1.06% | 1.06% |
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 Ralls 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 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. In Palmyra, the highest and lowest median tax bills are both found in the zip code 63461, each amounting to $2,020.
Average Palmyra Assessed Value
$190,865
Average Ralls County Assessed Value
$94,330
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 | $145,775 | $161,268 | $190,865 | $267,990 | $425,280 |
Source: Ownwell
Property Tax Bills Across Palmyra, Missouri
In Palmyra, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. Several factors play a role in this calculation, including the market value of the property, local tax rates, and applicable exemptions. For instance, the median home price in Palmyra is $190,865, and property taxes can vary significantly. Homeowners in the 25th percentile pay around $1,708, while those in the 75th percentile see bills closer to $2,843. At the 90th percentile, property tax bills can reach up to $4,512. These tax obligations impact homeowners by affecting their overall housing costs, potentially influencing decisions on home buying and selling. Compared to the national median property tax rate of 0.99%, Palmyra's rates reflect local economic conditions and government funding needs, highlighting the importance of understanding property tax calculations for financial planning.
Average Palmyra Tax Bill
$2,020
Average Ralls County Tax Bill
$888
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 | $1,540 | $1,708 | $2,020 | $2,843 | $4,512 |
Source: Ownwell