What Types of Property Are There?
- Real Property — this includes land, improvements to the land and all rights inherent in ownership.
- Personal Property — this is any property that is not real property, and is not permanently affixed to or part of real estate. Personal property includes cars, boats and farm equipment.
What is Reassessment and Why is it Necessary?
Under Missouri’s Constitution, all assessments for property tax purposes must be based upon true market value and are uniform within the same class or subclass of property.
Reassessment is the review of all the property in a county to ensure the assessments are uniform and equitable. The assessor updates the assessments in each county to equalize values among the taxpayers and adjusts value to reflect current market conditions. Over time, the value of property may change, depending upon its nature, location, and other factors. Some values change more rapidly than others.
Who is Responsible for Reassessing Property?
The county assessor is primarily responsible for assessing property within the county. However, the assessor’s work is subject to review by the county Board of Equalization and the Missouri State Tax Commission. The State Tax Commission is the state agency charged with general supervision of assessors and with enforcing property tax laws.
What is Market Value?
Market value, true value in money and appraised value all have the same meaning under Missouri law. A simple definition of market value is the price the property would bring when offered for sale by a person who is willing but not obligated to sell it, and is bought by a person who is willing to purchase it but who is not forced to do so.
How is My Assessment Level Established?
Once market value has been determined, the assessor calculates a percentage of that value to arrive at the assessed value. The percentage is based on the classification, determined by the type of property or how it is used. The percentages are: