Smithfield, Missouri Property Taxes
The median property tax rate in Smithfield, MO is 0.85%, 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 Smithfield, the typical annual property tax bill amounts to $36, significantly below the national median of $2,690. Property taxes in Smithfield are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Smithfield'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 Smithfield 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
Smithfield, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.85%
Estimate Property Tax Bill
$31
Ownwell’s Smithfield Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Smithfield with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Smithfield 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 Smithfield, Missouri
Property taxes in Smithfield, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Smithfield is 1.25%, notably higher than both the Missouri state median of 0.91% and the U.S. national median of 0.99%. Local government entities within Smithfield set these rates annually, and they can vary significantly across different neighborhoods. Each year, Smithfield 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 Smithfield's effective property tax rate to other counties in Missouri and the national median. For comparison, the 64834 zip code has the highest median property tax rate of 1.25%, while the same zip code also has the lowest median tax rate of 1.25%. Understanding how these cities compare with Smithfield 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 Smithfield Tax Rate
0.85%
Average Morgan County Tax Rate
0.87%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Smithfield, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64834 | 0.84% | 0.84% | 0.85% | 0.85% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Smithfield, Missouri
In Smithfield, 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 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 Smithfield, 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. For instance, the 25th percentile tax bill in Smithfield is $20, while the 75th percentile tax bill is $57, and the 90th percentile tax bill is $88. 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 Smithfield helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Smithfield Assessed Value
$3,600
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 Smithfield, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64834 | $2,040 | $2,400 | $3,600 | $4,300 | $9,460 |
Source: Ownwell
Property Tax Bills Across Smithfield, Missouri
In Smithfield, Morgan County, MO, property tax bills are calculated based on the assessed value of your home. The county assessor determines this value, which is typically a percentage of the property's market value. Local tax rates are then applied to this assessed value to calculate the tax bill. Several factors influence the tax bill, including the property's location, size, and any improvements made. For homeowners in Smithfield, the tax burden can vary significantly. The 25th percentile tax bill is around $20, while the 75th percentile reaches $57, and the 90th percentile climbs to $88. These figures highlight the range of property tax bills within the community. Compared to the national median property tax rate of 0.99%, Smithfield's rates can be considered relatively modest. Understanding these factors is crucial for homeowners, as property taxes directly impact annual housing costs. Accurate assessments and knowledge of local tax rates can help residents plan their finances effectively.
Average Smithfield Tax Bill
$36
Average Morgan County Tax Bill
$420
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Smithfield, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 64834 | $17 | $20 | $36 | $57 | $88 |
Source: Ownwell