Memphis, Missouri Property Taxes
The median property tax rate in Memphis, Missouri is 1.38%, considerably higher than both the national median of 0.99% and Missouri's state median of 1.20%. With the median home value in Memphis at $43,235, the typical annual property tax bill reaches $538, which is below the national median of $2,690. Property taxes in Memphis are calculated based on the assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Memphis'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 Memphis 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
Memphis, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Memphis Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Memphis with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Memphis 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 Memphis, Missouri
Property taxes in Memphis, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Memphis is 1.38%, significantly higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Memphis set these rates annually, and they can vary significantly across different neighborhoods. Each year, Memphis 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 Memphis's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63555 zip code has the highest median property tax rate of 1.38%, while the 63555 zip code also has the lowest median tax rate of 1.38%. Understanding how these cities compare with Memphis provides valuable insights into the varying tax landscape across Scotland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Memphis Tax Rate
1.38%
Average Scotland County Tax Rate
1.18%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Memphis, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63555 | 0.87% | 1.08% | 1.38% | 1.38% | 1.38% |
Source: Ownwell
Property Tax Assessment Values Across Memphis, Missouri
In Memphis, 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 Scotland 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 Memphis, 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 Memphis helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest median tax bill in the area is $538.00 in the 63555 zip code, while the lowest is also $538.00 in the same zip code.
Average Memphis Assessed Value
$43,235
Average Scotland County Assessed Value
$40,880
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Memphis, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63555 | $5,004 | $17,600 | $43,235 | $89,770 | $157,842 |
Source: Ownwell
Property Tax Bills Across Memphis, Missouri
In Memphis, located in Scotland County, MO, property tax bills are calculated based on the assessed value of a property, which is derived from its market value. The assessed value is then multiplied by the local tax rate to determine the final tax bill. For instance, with a median home price of $43,235, homeowners can expect varying tax bills. At the 25th percentile, the tax bill is around $230, while at the 75th percentile, it rises to approximately $1,035. The 90th percentile tax bill can go up to $1,831. Factors such as property size, location, and improvements significantly influence the assessed value. Compared to the national median property tax rate of 0.99%, Memphis homeowners experience a relatively moderate tax burden. Understanding these factors is crucial for homeowners to anticipate their property tax obligations, which can impact their overall financial planning and homeownership costs.
Average Memphis Tax Bill
$538
Average Scotland County Tax Bill
$472
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Memphis, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63555 | $66 | $230 | $538 | $1,035 | $1,831 |
Source: Ownwell