Silva, Missouri Property Taxes
The median property tax rate in Silva, MO is 0.75%, considerably lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Silva, the typical annual property tax bill reaches $178, well below the national median of $2,690. Property taxes in Silva 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 Silva'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 Silva 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
Silva, 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 Silva Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Silva with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Silva 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 Silva, Missouri
Property taxes in Silva, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silva is 0.75%, lower than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Silva set these rates annually, and they can vary significantly across different neighborhoods. Each year, Silva 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 Silva's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63964 zip code has both the highest and lowest median property tax rate of 0.75%. Understanding how these areas compare with Silva provides valuable insights into the varying tax landscape across Wayne County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Silva Tax Rate
0.75%
Average Wayne County Tax Rate
0.77%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silva, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63964 | 0.67% | 0.73% | 0.75% | 0.75% | 0.76% |
Source: Ownwell
Property Tax Assessment Values Across Silva, Missouri
In Silva, 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 Wayne 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 Silva, 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 Silva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest median tax bill in the area is $178.00, found in the 63964 zip code, which also has the lowest median tax bill at $178.00.
Average Silva Assessed Value
$23,600
Average Wayne County Assessed Value
$16,000
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Silva, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63964 | $1,840 | $7,950 | $23,600 | $51,900 | $81,780 |
Source: Ownwell
Property Tax Bills Across Silva, Missouri
Property tax bills in Silva, located in Wayne County, MO, are calculated based on the assessed value of a property and the local tax rate. The assessed value is a percentage of the property's market value, determined by the county assessor. In Silva, the median home price is $23,600, which significantly influences the property tax bill. The local tax rate is applied to this assessed value to determine the annual tax bill. Factors such as property size, location, and improvements can affect the assessed value, and consequently, the tax bill. For instance, the 25th percentile tax bill in Silva is $59, while the 75th percentile tax bill rises to $376. Homeowners at the 90th percentile can expect a tax bill of around $561. These variations highlight how different factors impact individual tax bills. Compared to the national median property tax rate of 0.99%, Silva's property tax rates offer a range of affordability for homeowners, making it a potentially attractive location for those seeking lower property tax obligations.
Average Silva Tax Bill
$178
Average Wayne County Tax Bill
$122
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Silva, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63964 | $13 | $59 | $178 | $376 | $561 |
Source: Ownwell