Miami, Missouri Property Taxes
The median property tax rate in Miami, 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 a median home value of $80,181 in Miami, the typical annual property tax bill is around $902, which is below the national median of $2,690. Property taxes in Miami are calculated based on the tax assessed value, which usually falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Miami'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 Miami or another part of Saline County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Miami, Missouri Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.09%
Estimate Property Tax Bill
$874
Ownwell’s Miami Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and prospective buyers to estimate their annual property taxes in Miami with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Miami to provide an estimate of your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in seeing trends on a neighborhood level, more localized information is available below. Your property’s assessed value is the value assigned by the county for property tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Miami, Missouri
Property taxes in Miami, Missouri, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Miami is 1.09%, which is higher than the U.S. national median of 0.99%. Local government entities within Miami set these rates annually, and they can vary significantly across different neighborhoods. Each year, Miami 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 Miami's effective property tax rate to other counties in Missouri and the national median. For comparison, the 65344 zip code has the highest median property tax rate of 1.09%, while the same zip code also has the lowest median tax rate of 1.09%. Understanding how these cities compare with Miami 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 Miami Tax Rate
1.09%
Average Saline County Tax Rate
1.17%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Miami, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65344 | 0.87% | 0.98% | 1.09% | 1.30% | 1.30% |
Source: Ownwell
Property Tax Assessment Values Across Miami, Missouri
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Miami, Missouri. 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 Saline 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 Miami, 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. In Miami, the median home price is $80,181. The 25th percentile tax bill is $289, while the 75th percentile reaches $1,655, and the 90th percentile stands at $2,323. Notably, the highest and lowest median tax bills are both $902 in the 65344 zip code. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Miami Assessed Value
$80,181
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 Miami, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65344 | $5,949 | $21,987 | $80,181 | $156,220 | $238,352 |
Source: Ownwell
Property Tax Bills Across Miami, Missouri
In Miami, located in Saline County, MO, property tax bills are calculated based on the assessed value of a home, which is determined by the local assessor's office. The assessed value is a percentage of the market value of the property. Homeowners in Miami see a range of property tax bills, influenced by the assessed value and the local tax rate. Factors such as the property's location, size, and age, along with any improvements or renovations, play a significant role in determining the assessed value. The median home price in Miami is $80,181, and property tax bills vary widely. For instance, the tax bill at the 25th percentile is $289, while at the 75th percentile, it jumps to $1,655. At the 90th percentile, homeowners may pay as much as $2,323. These property taxes directly impact homeowners by influencing their overall housing costs. Compared to the national median property tax rate of 0.99%, Miami's property taxes can be a significant expense, affecting affordability and long-term financial planning for residents.
Average Miami Tax Bill
$902
Average Saline County Tax Bill
$974
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Miami, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 65344 | $97 | $289 | $902 | $1,655 | $2,323 |
Source: Ownwell