Salem, Missouri Property Taxes
The median property tax rate in Salem, MO is 0.60%, significantly lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Salem, the typical annual property tax bill is $700, well below the national median of $2,690. Property taxes in Salem are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Salem'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 Salem 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
Salem, 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 Salem Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, or potential buyers looking to estimate their annual property taxes in Salem. By simply entering your property's estimated assessed value, the calculator uses the median tax rate in Salem to provide an accurate estimate of your property tax bill. This valuable insight helps you understand your potential tax liabilities better. For those who want to delve deeper into neighborhood-specific trends, more localized information is available as you scroll down. Remember, your property’s assessed value is determined by the county for property tax purposes, including any applicable exemptions.
Property Tax Rates Across Salem, Missouri
Property taxes in Salem, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Salem is 0.60%, which is lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Salem set these rates annually, and they can vary significantly across different neighborhoods. Each year, Salem 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 Salem's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65560 zip code has both the highest and lowest median property tax rate of 0.60%. Understanding how these cities compare with Salem provides valuable insights into the varying tax landscape across Dent County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Salem Tax Rate
0.60%
Average Texas County Tax Rate
0.70%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Salem, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65560 | 0.54% | 0.58% | 0.60% | 0.75% | 0.78% |
Source: Ownwell
Property Tax Assessment Values Across Salem, Missouri
In Salem, 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 local 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 Salem, 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 Salem helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Salem are both $700, found in the 65560 zip code.
Average Salem Assessed Value
$93,460
Average Texas County Assessed Value
$74,330
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Salem, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65560 | $66,378 | $73,980 | $93,460 | $123,090 | $156,210 |
Source: Ownwell
Property Tax Bills Across Salem, Missouri
In Salem, located in Texas County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by local tax assessors. The assessed value is a percentage of the property's market value. Various factors, such as the property's location, size, and condition, influence this assessed value. The local tax rate is then applied to this assessed value to determine the tax bill. For instance, with a median home price of $93,460, homeowners in Salem can expect tax bills to vary. The 25th percentile tax bill is around $545, while the 75th percentile reaches $708. At the 90th percentile, tax bills can climb to $932. These property taxes fund essential public services, including schools, infrastructure, and emergency services, directly impacting the community's quality of life. Compared to the national median property tax rate of 0.99%, Salem's tax rates reflect the local economic conditions and funding needs.
Average Salem Tax Bill
$700
Average Texas County Tax Bill
$521
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Salem, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65560 | $459 | $545 | $700 | $708 | $932 |
Source: Ownwell