Salem, Missouri Property Taxes
The median property tax rate in Salem, Missouri is 0.84%, which is lower than both the national median of 0.99% and Missouri's state median of 1.20%. With a median home value of $59,400 in Salem, the typical annual property tax bill amounts to $512, significantly less than the national median of $2,690. Property taxes in Salem are determined based on the tax assessed value, often lower than the market value due to various exemptions such as primary residence and agricultural exemptions. Navigating Salem's property tax system, exploring available exemptions, and identifying opportunities for reductions can result in substantial 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
$1,500,000
$3,000,000
Average Tax Rate
0.84%
Estimate Property Tax Bill
$499
Ownwell’s Salem Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Salem with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Salem 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 Salem, Missouri
Property taxes in Salem, Missouri, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Salem is 0.84%, 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 the highest median property tax rate of 0.84%, while the same zip code also has the lowest median tax rate of 0.84%. Understanding how these cities compare with Salem provides valuable insights into the varying tax landscape across Crawford County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Salem Tax Rate
0.84%
Average Crawford County Tax Rate
0.89%
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 | 0.77% | 0.81% | 0.84% | 0.86% | 0.92% |
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 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 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 median tax bill in Salem is $512.00 in the 65560 zip code, which is also the lowest median tax bill.
Average Salem Assessed Value
$59,400
Average Crawford County Assessed Value
$81,600
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 | $10,860 | $20,200 | $59,400 | $112,700 | $157,900 |
Source: Ownwell
Property Tax Bills Across Salem, Missouri
In Salem, located in Crawford County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, with a median home price of $59,400, homeowners can expect their property tax bill to vary significantly. The tax bill at the 25th percentile is around $157, while at the 75th percentile, it rises to approximately $952. For those at the 90th percentile, the tax bill can reach up to $1,326. These variations depend on factors such as property location, improvements, and local tax levies. Compared to the national median property tax rate of 0.99%, Salem offers relatively affordable property taxes. However, the financial impact on homeowners can still be substantial, affecting their annual budget and long-term financial planning.
Average Salem Tax Bill
$512
Average Crawford County Tax Bill
$745
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 | $87 | $157 | $512 | $952 | $1,326 |
Source: Ownwell