|January 1st||Assessment Date|
|March 1st||Personal Property Assessment List Return Deadline|
|June 15th||Notice of Increase Value Change Mailed|
|July 1st||Assessment Total Turned Over to County Clerk|
|2nd Monday in July||Appointment to Board of Equalization Due|
|3rd Monday in July||Board of Equalization Hearings Begin|
|September 1st||Tax Districts to Set Tax Levies with State Auditor's Office|
|September 30th||Deadline for Filing Appeals with State Tax Commission|
The County Assessor's job is to place a value on all taxable real and personal property, within the county as of January 1, the assessment date set by statute. All County Assessor's offices are regulated, and overseen, by The Missouri State Tax Commission. Monthly visits by field representatives and annual spot review of properties, aid them in evaluating the Assessor's compliance with the statute requirements.
There are two types of local property taxes, Real Estate and Personal Property. Real Estate property has three subclasses - residential at 19% of market value; agricultural at 12% of production value; and all other at 32% of true value in money. Personal subclasses are grain at 1/2 of 1%, historical vehicles and airplanes at 5%, farm machinery/livestock at 12%, manufacturing housing at 19%, and all other at 1/3 of true value in money.
State Statute 137 .280 RSMo., requires every taxpayer to turn in a listing of their personal property, as of January 1, to the Assessor between January 1, and March l. Failure to submit a listing by March 1, can result in a late assessment penalty of up to $105.00.
Real Estate property is reviewed every two years, to see if any change needs to be made to the valuation. Most common changes are for new construction or demolition, but changes may be necessary for other reasons including: the use of the parcel has changed, the age and/or condition of the structures may require a change in depreciation, or market value of an area has decreased or increased. Assessors are required to value real estate within 5% of the market value, per state law.
Using the above statutory subclass percentages, the assessed value is calculated, and combined totals of the Real Estate and Personal tax rolls, are turned over to each of the taxing districts (schools, roads, fire, ambulance, county, library, etc.) July 1. Districts then start the process of setting their levy for that year. Each of those districts determine what levy is required, to collect enough monies to fund their operation, using their assessed valuation as the base.
The assessment process is very involved, and when you have questions, please contact the office so we can give you the correct answer. There are information pamphlets published by the State Tax Commission available in the office, that discuss various aspects of the local property tax process. Local property taxes effect each, and everyone of us, in one way or another, everyday. Understanding how the process works in the first step, in changing or improving the system. We will gladly review your parcel, and discuss how we arrived at the value on your property, if you have questions about your valuation. If your taxes are escrowed you should notify your bank, as soon as possible, if you receive a notice, so they can make any necessary adjustments in your monthly payment.
If you buy or sell property during the year, the estimated taxes that will be due, are usually split between the buyer and seller, at the time of the sale. If a property is sold, and the transaction recorded before September 1, the buyer will most likely receive the current year's tax statement for the entire year's taxes. If the sale occurs after September 1, the seller usually receives the statement, because the tax books and statements are printed in September. This needs to be addressed at the time of the closing, and arrangements made to be sure the taxes are paid before the deadline of December 31. Ultimately, it is the buyers responsibility to make sure the taxes are paid.