Farmington, Missouri Property Taxes
The median property tax rate in Farmington, MO is 1.05%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With the median home value in Farmington at $105,920, the typical annual property tax bill amounts to $1,165, which is below the national median of $2,690. Property taxes in Farmington are calculated based on the assessed value, which is often less than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Farmington'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 Farmington or another part of Madison County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Farmington, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,112
Ownwell’s Farmington Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Farmington 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 Farmington, Missouri
Property taxes in Farmington, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Farmington is 1.05%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Farmington set these rates annually, and they can vary significantly across different neighborhoods. Each year, Farmington 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 Farmington's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63640 zip code has the highest median property tax rate of 1.05%, while the 63640 zip code has the lowest median tax rate of 1.05%. Understanding how these cities compare with Farmington provides valuable insights into the varying tax landscape across Madison County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Farmington Tax Rate
1.05%
Average Madison County Tax Rate
1.09%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Farmington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63640 | 1.02% | 1.03% | 1.05% | 1.06% | 1.07% |
Source: Ownwell
Property Tax Assessment Values Across Farmington, Missouri
In Farmington, 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 Madison County Assessor's Office 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 Farmington, 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 Farmington helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Farmington both stand at $1165 in the zip code 63640, highlighting the uniformity in property tax assessments within the area.
Average Farmington Assessed Value
$105,920
Average Madison County Assessed Value
$49,890
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Farmington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63640 | $39,428 | $66,860 | $105,920 | $195,765 | $209,522 |
Source: Ownwell
Property Tax Bills Across Farmington, Missouri
In Farmington, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor. The assessed value is a percentage of the home's market value, and this rate can vary. For instance, if the median home price in Farmington is $105,920, the assessed value will be a fraction of this amount. Once the assessed value is determined, the local tax rate is applied to calculate the annual property tax bill. Several factors influence the tax bill, including the property's location, improvements, and any applicable exemptions or deductions. Homeowners in Farmington can expect a wide range of tax bills. The 25th percentile tax bill is around $714, while the 75th percentile tax bill is approximately $1,617. For those at the 90th percentile, the tax bill can reach up to $1,888. These property taxes contribute significantly to local services and infrastructure, impacting the community's overall quality of life. Compared to the national median property tax rate of 0.99%, Farmington's property taxes reflect local economic conditions and public service needs.
Average Farmington Tax Bill
$1,165
Average Madison County Tax Bill
$502
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Farmington, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63640 | $443 | $714 | $1,165 | $1,617 | $1,888 |
Source: Ownwell