Parma, Missouri Property Taxes
The median property tax rate in Parma, MO is 0.85%, which is lower than both the national median of 0.99% and the Missouri state median of 1.20%. With a median home value of $183,600 in Parma, the typical annual property tax bill amounts to $1,531, significantly below the national median of $2,690. Property taxes in Parma are calculated based on the tax assessed value, which often falls below the market value due to various exemptions such as primary residence and agricultural exemptions. Understanding Parma'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 Parma or another part of Stoddard County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Parma, 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 Parma Property Tax Bill Calculator is a valuable tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Parma, Missouri. By simply entering your property's estimated assessed value, this calculator applies the median tax rate in Parma to provide an accurate estimate of your property tax bill. This easy-to-use tool offers a clear understanding of potential tax liabilities, helping you make informed decisions. For those interested in more detailed insights, including neighborhood trends, scroll down for localized information. Your property’s assessed value is determined by Stoddard County for tax calculations, taking into account any applicable exemptions.
Property Tax Rates Across Parma, Missouri
Property taxes in Parma, Missouri, are crucial in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Parma is 0.85%, which is lower than the U.S. national median of 0.99%. Local government entities within Parma set these rates annually, and they can vary significantly across different neighborhoods. Each year, Parma 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 Parma's effective property tax rate to other counties in Missouri and the national median. For comparison, the 63870 zip code has the highest median property tax rate of 0.85%, while the 63870 zip code also has the lowest median tax rate of 0.85%. Understanding how these cities compare with Parma provides valuable insights into the varying tax landscape across Stoddard County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Parma Tax Rate
0.85%
Average Stoddard County Tax Rate
0.85%
Average Missouri Tax Rate
1.20%
Average United States Tax Rate
0.99%
Property Tax Rates Across Parma, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63870 | 0.77% | 0.81% | 0.85% | 0.96% | 0.98% |
Source: Ownwell
Property Tax Assessment Values Across Parma, Missouri
In Parma, 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 Stoddard 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 Parma, 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 Parma helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The highest and lowest median tax bills in Parma are both $1531, found in the 63870 zip code.
Average Parma Assessed Value
$183,600
Average Stoddard County Assessed Value
$85,450
Average Missouri Assessed Value
$129,505
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Parma, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63870 | $66,590 | $80,975 | $183,600 | $272,400 | $461,770 |
Source: Ownwell
Property Tax Bills Across Parma, Missouri
In Parma, located in Stoddard County, MO, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Parma is $183,600. Homeowners can expect their tax bills to vary, with the 25th percentile at $694 and the 75th percentile at $2,327. The tax bill can reach up to $3,994 for those in the 90th percentile. Factors such as the home's assessed value, local tax rates, and any applicable exemptions play a crucial role in determining the final tax bill. The median property tax rate in the United States is 0.99%, and while local rates can differ, they directly impact the amount homeowners are required to pay. High property taxes can significantly affect homeowners by increasing their annual expenses, while lower rates can provide some financial relief. Understanding these factors is essential for homeowners to manage their financial planning effectively.
Average Parma Tax Bill
$1,531
Average Stoddard County Tax Bill
$758
Average Missouri Tax Bill
$1,606
Average United States Tax Bill
$2,690
Property Tax Bills Across Parma, Missouri
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 63870 | $629 | $694 | $1,531 | $2,327 | $3,994 |
Source: Ownwell