Salem, Missouri Property Taxes
The median property tax rate in Salem, MO is 0.79%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Salem at $43,220, the typical annual property tax bill amounts to $377, significantly 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, such as those for primary residences and agricultural properties. Understanding Salem's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Salem or another part of Dent County, 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 assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Salem with just two data points. By entering your property's estimated assessed value, the calculator uses the median tax rate in Salem to provide an estimated property tax bill. This valuable tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, additional localized information is available below. Your property’s assessed value is determined by the county for property tax purposes and considers any applicable exemptions.
Property Tax Rates Across Salem, Missouri
Property taxes in Salem, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Salem is 0.79%, 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 0.79%, while the 65560 zip code also has the lowest median tax rate of 0.79%. Understanding how these areas 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
0.79%
Average Dent County Tax Rate
0.76%
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 | 0.65% | 0.68% | 0.79% | 0.85% | 0.99% |
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 Dent 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 and lowest median tax bills in Salem are both $377.00, found in the 65560 zip code.
Average Salem Assessed Value
$43,220
Average Dent County Assessed Value
$43,260
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 | $4,786 | $23,680 | $43,220 | $73,848 | $116,006 |
Source: Ownwell
Property Tax Bills Across Salem, Missouri
Property tax bills in Salem, located in Dent County, MO, are determined based on the assessed value of a homeowner's property. The assessed value is a percentage of the property's market value, which in Salem, with a median home price of $43,220, forms the basis for tax calculations. Property taxes in this region are influenced by various factors, including the home's assessed value, the local tax rate, and any applicable exemptions. For example, the tax bill for the 25th percentile in Salem is $240, while the 75th percentile reaches up to $589, and the 90th percentile can be as high as $911. These figures illustrate the range of property tax obligations homeowners might face, depending on their property's assessed value and specific circumstances. The median tax bill in Salem stands at $377, which is relatively low compared to the national median property tax rate of 0.99%. This lower tax burden can be beneficial for homeowners, making property ownership more affordable in this region.
Average Salem Tax Bill
$377
Average Dent County Tax Bill
$374
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 | $152 | $240 | $377 | $589 | $911 |
Source: Ownwell