Missouri State Law
If you are a Missouri resident, and especially if you live in Kansas City, special rules apply that if you’re new to the city or state you may not know. First of all, there’s something here called personal property taxes, and whether or not you own a home or other real property, you have a personal property tax obligation.
What does this mean? Personal property taxes mean any tangible personal property is considered taxable personal property. Missouri law requires every person to pay taxes on all personal property owned, including real property such as your home.
What Do I Owe Taxes On?
Any person owning real property such as a home, structure, or land owes taxes. This is also called real estate taxes. Tangible or personal property is considered things like motor vehicles, mobile homes, boats, boat motors, farm machinery, business equipment, and other personal property.
You don’t have to worry about a leased vehicle, the leasing company owns it until it’s paid off, so they are responsible for paying the tax on it. Each type of property may have variable rates, as well.
Real Property Tax Rates
Residential property tax rates are 19% of fair market value equals the assessed value, and apply to all real property, meaning real estate – both land, and structures or buildings affixed to the land. Agricultural land has a real property tax rate of 12% of the real estate market value equals the assessed value. This is all considered real property and is assessed by the county every odd-numbered year.
Personal Property Tax Rates
However, a mobile home is considered part of personal property, unless it’s been permanently affixed to the land and recorded, so they have a different tax rate. Personal property tax rates go by the assessed value of 33-1/3% of the true market value. So basically the assessed value is a third of whatever the fair market value of the asset is.
How Does it Work for Real Estate?
The way it works in Kansas City is that you initially set up a tax account with the appropriate Missouri County Assessor’s Office, where you’ll be given a tax assessment form for the calendar year we’re currently in. You will list all assets including real property and personal property. Then the next year in January you’ll be sent a new form with all the assets you listed the previous year. If you’ve gained anything, you add it to the list, and if you’ve lost anything, you cross it off. You must turn it in no later than the first of March.
Kansas City
Your total tax amount will be sent to you on one tax bill for both types of property tax and you won’t be sent a separate tax bill from the city for real estate. But that’s only in Kansas City. The tax bill is due by December 31st of each year. All other counties typically send the tax bills separately, but personal property tax is due by the last day of the year and is for the previous year’s assessed valuation.
The levy rate is the tax rate, also known as the number that is multiplied by the assessed valuation to arrive at the total tax rate charged. Levy rates vary depending on what district you’re in. You can find out what your tax Levy is by visiting here. It is an amount the voters in this district have voted on, not just some arbitrary number.
Personal Property Assessments
As far as property goes, if you feel your assessed valuation is too high, you can contact the Greene County Assessor or your local Assessor’s Office. The County Assessor is the individual responsible for all property assessment valuations by using standard valuation manuals and rate books provided by the Missouri State Tax Commission.
More Information – Tax Receipts
Real estate is different of course, but the state has a slightly lower average rate at 0.93% over the national average of 1.07%. To show that you’ve paid taxes, you can get a paid tax receipt at your local Collector’s office. If you move to a different county, be sure to get a copy of last year’s receipt and give it to the new Assessor’s Office, along with your mailing address. Be sure you’ve put in with the Post Office and given them your new address.
Can I Get a Waiver?
To obtain a tax waiver you must contact your local county collector and request a statement of non-assessment, and then the County Assessor to have the property added to the tax rolls for the appropriate year. Be sure to always save all your receipts and keep paper copies whenever it concerns interacting with government agencies or government websites. Especially when it involves the I.R.S. or the Missouri Department of Revenue!
Sell Your House Fast – Kansas City
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