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Economy $$$$$$$$$$$$$$$$$$$$$$$$$$$ General The City of Farmington has historically been supported by a strong, healthy economy. A significant decline in the strength of the economy of St. Francois County was seen when the lead mining industry failed in 1972. Farmington saw far fewer adverse effects than other parts of the county because most of the mining operations were located elsewhere in the county. The transportation system has since played a major role in Farmington’s economic success in almost every sector. Despite the economic woes experienced in other areas throughout the country over the past few years, Farmington’s economy has remained quite stable. Local Tax Information Sales Tax The City of Farmington current sales tax rate is 7.975%. Use Tax The City of Farmington does not impose a use tax on materials purchased in other locations. Current Tax Rates - Taxes based on $100 Assessed Valuation City of Farmington $0.4855 St. Francois County General Revenue $0.03 St. Francois County Board $0.0921 For the Developmentally Disabled St. Francois County Health Center $0.0921 St. Francois County Ambulance District $0.1381 St. Francois County Road & Bridge $0.2493 St. Francois County Senior Services $0.0500 Mineral Area College $0.4657 Farmington R-VII School District $3.6192 State Tax $0.0300 Total $5.2465 A property's assessed value is a percentage of the appraised value which is determined by the County Assessor. The assessment percentage is set by state law and governed by the Missouri Legislature. Residential property is assessed at 19%, commercial is at 32%, and agricultural is at 12% of the appraised value. Example: On a real commercial property with an appraised valuation of $3,125,000 and resulting assessed valuation of $1,000,000, the taxes would be: City of Farmington $ 4,855.00 SFC General Revenue 300.00 SFC Board for the Dev. Disabled 921.00 SFC Health Center 921.00 SFC Ambulance District 1,381.00 SFC Senior Services 500.00 SFC Road & Bridge 2,493.00 Mineral Area College 4,657.00 Farmington R-VII School District 36,192.00 State Tax 300.00 Total $ 52,465.00 Household Income Several factors affect the income of the local area, one of these being the cost of living. Farmington cost of living is inherently lower than in Cape Girardeau or the St. Louis Metro area, for example. The Farmington cost of living is also affected by the number of entry-level jobs in the manufacturing and retail sectors in the area. The per capita income as presented by the U.S. Census Bureau includes the institutionalized population at the Farmington Correctional Center. Therefore, an averaging system has been developed to determine a more realistic representation of the per capita income. The estimate shown is within 1% of the average percent increase for the region (62.7%). Based on this per capita income figure the household income has also been estimated. The percent ratio of the average per capita income to the average household income in the region was 48.3%. This ratio was used to estimate the household income for the City of Farmington.

Economic Development Committee | Contact | City Budget | Economy Home

Economy $$$$$$$$$$$$$$$$$$$$$$$$$$$

General

The City of Farmington has historically been supported by a strong,

healthy economy. A significant decline in the strength of the economy of

St. Francois County was seen when the lead mining industry failed in

1972. Farmington saw far fewer adverse effects than other parts of the

county because most of the mining operations were located elsewhere

in the county. The transportation system has since played a major role

in Farmington’s economic success in almost every sector. Despite the

economic woes experienced in other areas throughout the country over

the past few years, Farmington’s economy has remained quite stable.

Local Tax Information

Sales Tax

The City of Farmington current sales tax rate is 7.975%.

Use Tax

The City of Farmington does not impose a use tax on materials purchased in other locations.

Current Tax Rates - Taxes based on $100 Assessed Valuation

City of Farmington $0.4855

St. Francois County General Revenue $0.03

St. Francois County Board $0.0921

For the Developmentally Disabled

St. Francois County Health Center $0.0921

St. Francois County Ambulance District $0.1381

St. Francois County Road & Bridge $0.2493

St. Francois County Senior Services $0.0500

Mineral Area College $0.4657

Farmington R-VII School District $3.6192

State Tax $0.0300

Total $5.2465

A property's assessed value is a percentage of the appraised value which is determined by the County Assessor. The assessment percentage is set by state law and governed by the Missouri Legislature. Residential property is assessed at 19%, commercial is at 32%, and agricultural is at 12% of the appraised value.

Example:

On a real commercial property with an appraised valuation of

$3,125,000 and resulting assessed valuation of $1,000,000, the taxes would be:

City of Farmington $ 4,855.00

SFC General Revenue 300.00

SFC Board for the Dev. Disabled 921.00

SFC Health Center 921.00

SFC Ambulance District 1,381.00

SFC Senior Services 500.00

SFC Road & Bridge 2,493.00

Mineral Area College 4,657.00

Farmington R-VII School District 36,192.00

State Tax 300.00

Total $ 52,465.00

Household Income

Several factors affect the income of the local area, one of these being

the cost of living. Farmington cost of living is inherently lower than in

Cape Girardeau or the St. Louis Metro area, for example. The

Farmington cost of living is also affected by the number of entry-level

jobs in the manufacturing and retail sectors in the area.

The per capita income as presented by the U.S. Census Bureau

includes the institutionalized population at the Farmington Correctional

Center. Therefore, an averaging system has been developed to

determine a more realistic representation of the per capita income.

The estimate shown is within 1% of the average percent increase for

the region (62.7%). Based on this per capita income figure the

household income has also been estimated. The percent ratio of the

average per capita income to the average household income in the

region was 48.3%. This ratio was used to estimate the household

income for the City of Farmington.

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