Merriam, Missouri Property Taxes
The median property tax rate in Merriam, MO is 1.28%, considerably higher than both the national median of 0.99% and the Missouri state median of 1.20%. With the median home value in Merriam, the typical annual property tax bill reaches $1,131, which is lower than the national median of $2,690. Property taxes in Merriam are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Merriam'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 Merriam 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
Merriam, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.28%
Estimate Property Tax Bill
$1,567
Ownwell’s Merriam Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Merriam with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Merriam 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 Merriam, Missouri
Property taxes in Merriam, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Merriam is 1.28%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Merriam set these rates annually, and they can vary significantly across different neighborhoods. Each year, Merriam 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 Merriam's effective property tax rate to other counties in Missouri and the national median. For comparison, the 66203 zip code has the highest median property tax rate of 1.64%, while the same zip code also has the lowest median tax rate of 1.64%. Understanding how these areas compare with Merriam provides valuable insights into the varying tax landscape across Morgan County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Merriam Tax Rate
1.28%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Merriam, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66203 | 1.64% | 1.64% | 1.64% | 1.64% | 1.64% |
Source: Ownwell
Property Tax Assessment Values Across Merriam, Missouri
In Merriam, 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 Morgan 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 Merriam, 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 Merriam helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Merriam is $122,450, with annual tax bills ranging from $593 at the 25th percentile to $1,991 at the 90th percentile.
Average Merriam Assessed Value
$122,450
Average Morgan County Assessed Value
$49,350
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Merriam, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66203 | $3,400 | $3,400 | $3,400 | $3,400 | $3,400 |
Source: Ownwell
Property Tax Bills Across Merriam, Missouri
In Merriam, located in Morgan County, MO, property tax bills are calculated based on the assessed value of your home. This assessed value is typically a percentage of the property's market value, determined by the county assessor. For example, if your home has a median market price of $122,450, the assessed value will be a fraction of this amount. The property tax rate is then applied to the assessed value to determine your annual tax bill. Several factors influence the final tax bill, including the assessed value, local tax rates, and any applicable exemptions or deductions. In Merriam, the 25th percentile tax bill is around $593, while the 75th percentile tax bill is about $1,668, and at the 90th percentile, it reaches $1,991. These figures highlight the range of property tax obligations homeowners might face, depending on their property's assessed value and specific circumstances. For homeowners, understanding these factors is crucial, as property taxes can significantly impact annual expenses and overall financial planning. With property tax rates in Merriam being a key consideration, it’s essential to stay informed and explore potential exemptions to minimize your tax burden.
Average Merriam Tax Bill
$1,131
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Merriam, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 66203 | $56 | $56 | $56 | $56 | $56 |
Source: Ownwell