Martinsburg, Audrain County, Missouri Property Taxes
The median property tax rate in Martinsburg, Missouri is 1.25%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Martinsburg at $57,975, the typical annual property tax bill reaches $698, which is significantly lower than the national median of $2,690. Property taxes in Martinsburg 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 Martinsburg'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 Martinsburg or another part of Audrain County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Martinsburg, Audrain County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.25%
Estimate Property Tax Bill
$725
$672
Ownwell’s Martinsburg Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Martinsburg with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Martinsburg 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 Martinsburg, Audrain County, Missouri
Property taxes in Martinsburg, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Martinsburg is 1.25%, significantly higher than the U.S. national median of 0.99%. Local government entities within Martinsburg set these rates annually, and they can vary significantly across different neighborhoods. Each year, Martinsburg 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 Martinsburg's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65264 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Martinsburg provides valuable insights into the varying tax landscape across Audrain County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Martinsburg Tax Rate
1.25%
Average Audrain County Tax Rate
1.20%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Martinsburg, Audrain County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65264 | 0.80% | 0.95% | 1.25% | 1.36% | 1.37% |
Source: Ownwell
Property Tax Assessment Values Across Martinsburg, Audrain County, Missouri
In Martinsburg, 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 Audrain County Assessor 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 Martinsburg, 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. Martinsburg’s median home price is $57,975, with property tax bills ranging from $433 at the 25th percentile to $1,569 at the 90th percentile. The zip code 65264 has both the highest and lowest median tax bills at $698. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Martinsburg, Audrain County, Missouri
Source: Ownwell
$22,460
$46,810
$71,160
Average Martinsburg Assessed Value
$57,975
Average Audrain County Assessed Value
$51,626
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Martinsburg, Audrain County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65264 | $12,564 | $33,640 | $57,975 | $101,084 | $139,428 |
Source: Ownwell
Property Tax Bills Across Martinsburg, Audrain County, Missouri
In Martinsburg, MO, property tax bills are calculated based on the assessed value of the property, which is a percentage of the market value. The assessment ratio in Missouri is set at 19% for residential properties. For instance, with a median home price of $57,975, the assessed value would be approximately $11,015. Tax rates, known as mill levies, are then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including local government budgets, school funding needs, and public services. For homeowners in Martinsburg, the 25th percentile tax bill is around $433, while those at the 75th percentile pay about $1,092. The 90th percentile reaches $1,569, reflecting how variations in property values and local tax rates impact homeowners differently. Compared to the national median property tax rate of 0.99%, the rates in Martinsburg can be considered relatively moderate, providing a balanced approach to funding essential community services.
Average Martinsburg Tax Bill
$698
Average Audrain County Tax Bill
$587
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Martinsburg, Audrain County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65264 | $176 | $433 | $698 | $1,092 | $1,569 |
Source: Ownwell