Farmington, Missouri Property Taxes
The median property tax rate in Farmington, MO is 0.93%, slightly below the national median of 0.99% and significantly lower than the Missouri state median of 1.20%. With a median home value of $118,110 in Farmington, the typical annual property tax bill is $1,094, which is well under the national median of $2,690. Property taxes here are calculated based on the tax assessed value, which is often less than the market value due to various exemptions like primary residence and agricultural exemptions. Understanding Farmington'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 Farmington 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
Farmington, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.93%
Estimate Property Tax Bill
$1,098
Ownwell’s Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, Missouri
Property taxes in Farmington, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 0.93%, which is slightly below the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63640 zip code has both the highest and lowest median property tax rate of 0.93%. Understanding how these cities compare with Farmington provides valuable insights into the varying tax landscape across St. Francois County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
0.93%
Average St. Francois County Tax Rate
1.00%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63640 | 0.86% | 0.91% | 0.93% | 0.96% | 0.96% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Missouri
In Farmington, 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 St. Francois 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 Farmington, 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 Farmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 63640 has the highest and lowest median tax bill, both at $1,094, which is relatively moderate compared to the national median property tax rate of 0.99%.
Average Farmington Assessed Value
$118,110
Average St. Francois County Assessed Value
$72,730
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63640 | $25,894 | $64,095 | $118,110 | $190,250 | $287,206 |
Source: Ownwell
Property Tax Bills Across Farmington, Missouri
In Farmington, located in St. Francois County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. Homeowners in Farmington can expect their property tax bill to be influenced by several factors, including the assessed value of their home, local tax rates, and any applicable exemptions. For a median home price of $118,110, the tax bills can vary significantly. The 25th percentile tax bill is around $583, while at the 75th percentile, it rises to $1,765, and at the 90th percentile, it reaches $2,667. The median property tax bill in the 63640 zip code is $1,094, which is higher than the national median property tax rate of 0.99%. These property taxes are crucial for funding local services such as schools, infrastructure, and emergency services, thus directly impacting the quality of life for homeowners in Farmington.
Average Farmington Tax Bill
$1,094
Average St. Francois County Tax Bill
$732
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63640 | $235 | $583 | $1,094 | $1,765 | $2,667 |
Source: Ownwell