Farmington, Madison County, Missouri Property Taxes

Name: Property Tax Bills Across Farmington, Madison County, Missouri
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median Farmington, MO effective property tax rate: 1.05%, slightly higher than the national median of 1.02%, but lower than the Missouri state median of 1.20%. Median Farmington, MO home value: $105,920. Median annual Farmington, MO tax bill: $1,165, $1,235 lower than the national median property tax bill of $2,400.

How are property taxes in Madison County calculated?

Property taxes in Farmington, MO are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Farmington’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Farmington, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Farmington, Madison County, Missouri Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

1.05%

Estimate Property Tax Bill

$1,112

$1,032

Ownwell’s Farmington Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Farmington with just two data points. By entering your property's estimated assessed value, our calculator applies Farmington’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Madison County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Farmington, Madison County, Missouri

Local government entities set tax rates, which can vary widely within a state. This is primarily because each county annually estimates its required budget to provide essential services and then divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, this is the annual process in a nutshell. In Farmington, located in Madison County, Missouri, the effective property tax rate is an essential figure for residents to understand. Comparing Farmington’s rate to other cities in Missouri and the national median provides valuable context for homeowners. The median property tax rate in Missouri is slightly above the national median of 1.02%, which means residents might pay a bit more compared to the average American. However, understanding these figures helps homeowners make informed decisions about their property investments and manage their financial planning effectively.

Property Tax Rates Across Farmington, Madison County, Missouri

Source: Ownwell

0.89%

0.99%

1.09%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Farmington Tax Rate

1.05%

Median Effective Madison County Tax Rate

1.09%

Median Effective Missouri Tax Rate

1.20%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Farmington, Madison County, Missouri

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
63640	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Assessment Values Across Farmington, Madison County, Missouri

When examining property taxes in Farmington, MO, understanding the distinction between "market value" and "assessed value" is crucial.

The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Madison County Assessor estimates the market value for tax purposes.

The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices:

In Madison County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April.

Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Farmington.

For example, the median home price in Farmington is $105,920, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Farmington, Madison County, Missouri

Source: Ownwell

$36,190

$50,060

$63,930

Median Farmington Market Value

$105,920

Median Madison County Market Value

$49,890

Median Missouri Market Value

$129,505

Median United States Market Value

$235,294

Property Tax Assessment Values Across Farmington, Madison County, Missouri

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
63640	N/A	N/A	N/A	N/A	N/A

Source: Ownwell

Property Tax Bills Across Farmington, Madison County, Missouri

In Farmington, MO, property tax bills are determined by the assessed value of your home, which is a percentage of its market value. The assessed value is then multiplied by the local tax rate to calculate the tax bill. Factors such as property size, location, and improvements can influence the assessed value, impacting the overall tax bill. The median home price in Farmington is $105,920, with property tax bills ranging from the 25th percentile at $714 to the 90th percentile at $1,888. Compared to the national median property tax bill of $2,400, Farmington homeowners generally pay less, but the financial impact can still be significant.

Ownwell offers valuable assistance to homeowners by providing property tax appeal and exemption services. By analyzing your property’s assessed value and comparing it to similar properties, Ownwell can identify potential discrepancies and help you file an appeal. This process can lead to a reduction in your property tax bill, ensuring you only pay your fair share. Partnering with Ownwell can result in substantial savings, easing the financial burden on homeowners.

Property Tax Bills Across Farmington, Madison County, Missouri

Source: Ownwell

$197

$370

$542

Median Farmington Tax Bill

$1,165

Median Madison County Tax Bill

$502

Median Missouri Tax Bill

$1,606

Median United States Tax Bill

$2,400

Property Tax Bills Across Farmington, Madison County, Missouri

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
63640	N/A	N/A	N/A	N/A	N/A

Source: Ownwell