Palmyra, Marion County, Missouri Property Taxes
The median property tax rate in Palmyra, MO is 0.97%, slightly below the national median of 0.99% and significantly lower than Missouri’s state median of 1.20%. Given the median home value in Palmyra, the typical annual property tax bill amounts to $1,004, which is well under the national median of $2,690. Property taxes in Palmyra are calculated based on the tax assessed value, which is often lower than the market value due to various exemptions such as those for primary residences and agricultural properties. By understanding Palmyra's property tax system, exploring available exemptions, and identifying opportunities for reductions, homeowners and real estate investors can achieve substantial annual savings. Whether you're in the heart of Palmyra or another part of Marion County, a thorough grasp of the local property tax system is beneficial.
Last Updated June 14, 2024
Palmyra, Marion County, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.97%
Estimate Property Tax Bill
$1,049
$973
Ownwell’s Palmyra Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Palmyra with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Palmyra 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 Palmyra, Marion County, Missouri
Property taxes in Palmyra, Missouri, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Palmyra is 0.97%, slightly lower than the U.S. national median of 0.99%. Local government entities within Palmyra set these rates annually, and they can vary significantly across different neighborhoods. Each year, Palmyra 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 Palmyra's effective property tax rate to other areas in Marion County and the national median. For comparison, the 63461 zip code has the highest median property tax rate of 0.97%, while the same zip code also has the lowest median tax rate of 0.97%. Understanding how these areas compare with Palmyra provides valuable insights into the varying tax landscape across Marion County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Palmyra Tax Rate
0.97%
Average Marion County Tax Rate
1.02%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Palmyra, Marion County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63461 | 0.64% | 0.83% | 0.97% | 1.02% | 1.13% |
Source: Ownwell
Property Tax Assessment Values Across Palmyra, Marion County, Missouri
In Palmyra, 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 Marion 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 Palmyra, 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 Palmyra helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. Notably, the highest and lowest median tax bills in the area are both $1,004, found in the 63461 zip code.
Property Tax Assessment Values Across Palmyra, Marion County, Missouri
Source: Ownwell
$51,650
$96,190
$140,730
Average Palmyra Assessed Value
$108,130
Average Marion County Assessed Value
$80,490
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Palmyra, Marion County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63461 | $19,388 | $48,620 | $108,130 | $172,736 | $256,654 |
Source: Ownwell
Property Tax Bills Across Palmyra, Marion County, Missouri
In Palmyra, located in Marion County, MO, property tax bills are calculated based on the assessed value of a home. The assessed value is determined by the local assessor's office and is typically a percentage of the market value. For instance, if the median home price in Palmyra is $108,130, the assessed value will be a fraction of this amount, depending on state regulations. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. Various factors, such as property size, location, and improvements, influence the assessed value. For example, in Palmyra, tax bills can range from $463 at the 25th percentile to $2,460 at the 90th percentile. The highest and lowest median tax bills in the area are both $1,004, which is slightly above the national median property tax rate of 0.99%. For homeowners, understanding these factors is crucial as property taxes can significantly impact annual expenses and long-term financial planning.
Average Palmyra Tax Bill
$1,004
Average Marion County Tax Bill
$807
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Palmyra, Marion County, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63461 | $155 | $463 | $1,004 | $1,634 | $2,460 |
Source: Ownwell