Farmville, Missouri Property Taxes
The median property tax rate in Farmville, MO is 1.50%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Farmville, the typical annual property tax bill reaches $2,210, exceeding the national median of $2,690. Property taxes in Farmville 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 Farmville'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 Farmville 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
Farmville, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.5%
Estimate Property Tax Bill
$2,214
Ownwell’s Farmville Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmville with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmville 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 Farmville, Missouri
Property taxes in Farmville, Missouri, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmville is 1.50%, significantly higher than the U.S. national median of 0.99%. Local government entities within Farmville set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmville 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 Farmville's effective property tax rate to other counties in Missouri and the national median. For comparison, the 23901 zip code has both the highest and lowest median property tax rate of 1.50%. Understanding how these cities compare with Farmville provides valuable insights into the varying tax landscape across St. Louis County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmville Tax Rate
1.50%
Average St. Louis County Tax Rate
1.35%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23901 | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Farmville, Missouri
In Farmville, 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. Louis 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 Farmville, 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 Farmville helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Farmville is $147,600, with the highest and lowest median tax bills both at $2,210, found in zip code 23901.
Average Farmville Assessed Value
$147,600
Average St. Louis County Assessed Value
$226,500
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23901 | $147,600 | $147,600 | $147,600 | $147,600 | $147,600 |
Source: Ownwell
Property Tax Bills Across Farmville, Missouri
In Farmville, located in St. Louis County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. For instance, with a median home price of $147,600, the assessed value is determined by applying the local assessment ratio. The assessed value is then multiplied by the local tax rate to determine the annual property tax bill. Several factors influence the tax bill, including the property's market value, the local assessment ratio, and the tax rate set by local taxing authorities. In Farmville, the median property tax bill is $2,210, which is significantly higher than the national median property tax rate of 0.99%. This higher tax bill can impact homeowners by increasing their annual housing costs, which may affect affordability and budgeting. Homeowners in the 25th, 75th, and 90th percentiles all experience the same median tax bill of $2,210, indicating a uniformity in tax burdens across different property values within this region.
Average Farmville Tax Bill
$2,210
Average St. Louis County Tax Bill
$3,143
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmville, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 23901 | $2,210 | $2,210 | $2,210 | $2,210 | $2,210 |
Source: Ownwell