Marshall, Missouri Property Taxes
The median property tax rate in Marshall, MO is 1.17%, slightly higher than the national median of 0.99% but lower than the Missouri state median of 1.20%. With a median home value of $90,941 in Marshall, the typical annual property tax bill reaches $1,087, which is below the national median of $2,690. Property taxes in Marshall are calculated based on the assessed value, often lower than the market value due to exemptions like primary residence and agricultural exemptions. Understanding Marshall'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 Marshall 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
Marshall, Missouri Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
1.2%
Estimate Property Tax Bill
$2,400
Ownwell’s Marshall Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Marshall with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Marshall 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 Marshall, Missouri
Property taxes in Marshall, MO, are vital in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Marshall is 1.17%, higher than both the Missouri state median and the U.S. national median of 0.99%. Local government entities within Marshall set these rates annually, and they can vary significantly across different neighborhoods. Each year, Marshall 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 Marshall's effective property tax rate to other counties in Missouri and the national median. For comparison, the zip code 65340 has the highest median property tax rate of 1.17%, while the same zip code also has the lowest median tax rate of 1.17%. Understanding how these cities compare with Marshall provides valuable insights into the varying tax landscape across Saline County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Marshall Tax Rate
1.17%
Average Saline County Tax Rate
1.17%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Marshall, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65340 | 1.02% | 1.17% | 1.17% | 1.17% | 1.17% |
Source: Ownwell
Property Tax Assessment Values Across Marshall, Missouri
In Marshall, 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 local 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 Marshall, 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. The median home price in Marshall is $90,941, with the 25th percentile tax bill at $676 and the 75th percentile tax bill at $1,706. The highest median tax bill is $1,087 in the 65340 zip code, which is also the lowest median 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 Marshall helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Marshall Assessed Value
$90,941
Average Saline County Assessed Value
$78,621
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Marshall, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65340 | $26,632 | $52,464 | $90,941 | $146,366 | $205,309 |
Source: Ownwell
Property Tax Bills Across Marshall, Missouri
In Marshall, located in Saline County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual tax bill. For instance, if a home in Marshall has a market value of $90,941, the assessed value is a fraction of this amount, as determined by state regulations. Several factors influence the final tax bill, including the local tax rate and any applicable exemptions or deductions. Homeowners may face varying tax bills depending on their property's assessed value and the specific tax rate in their area. In Marshall, the 25th percentile tax bill is $676, while the 75th percentile reaches $1,706. At the 90th percentile, homeowners can expect to pay around $2,376. These property taxes significantly impact homeowners by affecting their annual housing costs. Compared to the national median property tax rate of 0.99%, Marshall's rates provide a reference point for understanding local tax burdens.
Average Marshall Tax Bill
$1,087
Average Saline County Tax Bill
$974
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Marshall, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65340 | $439 | $676 | $1,087 | $1,706 | $2,376 |
Source: Ownwell