Silva, Madison County, Missouri Property Taxes
The median property tax rate in Silva, MO is 1.09%, which is higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With the median home value in Silva, the typical annual property tax bill reaches $385, significantly below the national median of $2,690. Property taxes in Silva are calculated based on the tax assessed value, which often 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, Madison County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$394
$366
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, Madison County, Missouri
Property taxes in Silva, Missouri, are crucial for funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Silva is 1.09%, higher 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 the highest median property tax rate of 1.09%, while the same zip code has the lowest median tax rate of 1.09%. Understanding how these cities compare with Silva 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 Silva Tax Rate
1.09%
Average Madison County Tax Rate
1.09%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Silva, Madison County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63964 | 0.91% | 0.98% | 1.09% | 1.11% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Silva, Madison County, 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 Madison 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. For instance, the zip code 63964 has the highest median tax bill at $385, while the same zip code also has the lowest median tax bill at $385. Being aware of these valuation processes in Silva helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Property Tax Assessment Values Across Silva, Madison County, Missouri
Source: Ownwell
$36,190
$50,060
$63,930
Average Silva Assessed Value
$36,190
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 Silva, Madison County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63964 | $9,284 | $14,840 | $36,190 | $62,760 | $102,708 |
Source: Ownwell
Property Tax Bills Across Silva, Madison County, Missouri
In Silva, Madison County, MO, property tax bills are calculated based on the assessed value of a home, which is determined as a percentage of its market value. The tax rate, or millage rate, is then applied to this assessed value to determine the annual tax bill. Several factors influence the final tax bill, including the property's location, its assessed value, and any exemptions the homeowner may qualify for. For instance, the median home price in Silva is $36,190. Homeowners in the 25th percentile of tax bills pay around $165 annually, while those in the 75th percentile pay about $621. At the 90th percentile, tax bills can reach up to $1,218. These figures highlight the range of property taxes homeowners can expect to pay, depending on their property's assessed value and applicable exemptions. Comparatively, Silva's property tax rates are lower than the national median property tax rate of 0.99%, making it relatively more affordable for homeowners.
Average Silva Tax Bill
$385
Average Madison County Tax Bill
$502
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Silva, Madison County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63964 | $106 | $165 | $385 | $621 | $1,218 |
Source: Ownwell