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We examined the extent to which upper elementary school students’ motivational beliefs in mathematics, especially subjective task value and perceived cost, are differentiated. Confirmatory factor analyses (N = 735) demonstrated that all facets of value and cost were separable. Compared to younger students, older students reported lower self-efficacy, task value, but higher perceived cost in math. Latent profile analyses without cost variables revealed that utility value mainly differentiated math motivation profiles in Grades 4 and 5, whereas intrinsic value was more influential in Grade 6. When cost variables were included, effort cost and emotional cost emerged as key factors in distinguishing motivation profiles in Grades 5 and 6, suggesting an increasingly salient role of perceived cost in later elementary years.