- How often do you reassess property?
- Real estate property is reassessed biennially, every two years, on the odd
numbered year (2003, 2005, 2007, etc.) Personal property is assessed on an
- Who makes the decision to reassess my property?
- The state legislature, utilizing oversight through the State Tax
Commission, requires the assessor to reassess all real estate property every
two years, and all personal property every year (RSMo
- Why is reassessment required?
- Under Missouri's Constitution, all assessments for property tax purposes
must be based upon market value and be uniform within the same subclass of
property. Over time, the value of property may change due to many possible
factors (e.g., location, inflation, market conditions). Some values change
more rapidly than others. Reassessment is the process by which property
values are equalized, ensuring uniformity in property values and making sure
the taxpayer is being taxed fairly and being taxed the same as owners of
other comparable property.
- 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
a property would bring when offered for sale by a person who is willing but
not obligated to sell, and is bought by a person who is willing to purchase
though is not forced to do so.
- What is the difference between market value and assessed value?
- The assessed value is a percentage of the market value of a property, and
is determined based on the classification of the property. Real property can
fall into the following classifications with their corresponding assessment
For example, a residential property with a market value of $100,000 has an
assessed value of $19,000 ($100,000 x .19). However a commercial property
with a market value of $100,000 has a different assessed value because it
has a different assessment percentage ($100,000 x .32 = $32,000).
- Agricultural 12%
- Residential 19%
- Commercial 32%
- Do all property values change during reassessment?
- It is likely that most property values will change in a reassessment,
however they change to varying degrees. As of late, it has been the
exception when a property value remains unchanged or actually decreases due
to reassessment. This is because reassessment equalizes property values by
reappraising them to a current date. The amount of increase in any
reassessment cycle is dependent upon the local real estate market and the
local economy. The assessor is simply reflecting the current market values
as they apply to each property, in each neighborhood, in every part of the
- How can my property value increase if I have done nothing to it?
- Value increases can vary based on a number of reasons. As a general rule,
most people sell their property for more than they paid for it, assuming
that average and adequate maintenance has been done over the years. This
happens when the market supports a higher price due to the supply and demand
for that type of property. The demand for a certain type of house, a home in
a certain location, or a property within a certain price range are all
factors that can cause value to go up, even though no additions or major
remodeling have been completed on that property.
- What if I disagree with my assessment?
- The Marie's County assessor's office takes pride in its relationship with all
citizens concerning their property values and we invite anyone who disagrees
with their assessment to contact us for an informal meeting. Informal
appeals are not required and are at the discretion of each assessor. Please
remember that the job of the assessor is to see that property values reflect
current market values. To properly contest your property value, it is
strongly suggested that you gather and present evidence that supports what
your property is worth in the current market. Examples of pertinent evidence
could include descriptive property photographs, certified property
inspection reports, a recent appraisal, or information concerning recent
sales in your neighborhood.
Normally, property value impact notices are mailed in April and informal
appeals occur during April and May. Formal appeals to the Board of
Equalization must be requested at the County Clerk's office between the 1 st
and 3 rd Mondays in June. Formal appeals to the State Tax Commission are
only allowed if you have gone through the Board of Equalization process
first; State Tax Commission level appeals are usually held in September and
Find out more about appeals.
- Why do my taxes increase?
- An increase in taxes can be the result of:
- an increase in the tax rate (tax levy)
- an increase in assessed valuation (can be from reassessment or from
- a combination of increases in both the tax rate and assessed value
- How does reassessment affect my taxes?
- It depends, and there is no magic formula answer. An increase in assessed
value does not necessarily equate to an increase in property taxes.
Consequently, your taxes can increase without an increase in assessed
Taxes are determined by multiplying your assessed valuation times the tax
rate. A variance in either factor can change your tax amount. In order for
taxes to decrease there must be either a decrease in assessed valuation or a
decrease in the tax rate (which can occur due to a tax rate rollback, the
statutory protection provided to limit the increase taxing entities can
receive from reassessment). Likewise, an increase in either assessed
valuation or tax rate can cause an increase in taxes.
The tax system, created by the legislature, is set up to keep the valuation
and taxing functions separate. To provide for fair and accurate assessments,
periodic updates (reassessment) are required, ensuring fairness and equity
in property values. After the values are completed, the political
subdivisions set the tax rates, determining the amount of taxes you will
pay. The assessor only deals with assessed valuation; the assessor has no
control over tax rates.
- Is all property taxed at the same rate?
- No. The difference in how property is taxed is based on its classification.
Tax rates may vary depending on location ( ie. properties inside
certain city limits pay an additional city tax that outlying county
residents do not). Once the tax rate for your location has been determined,
there can still be differences based on classification. The following
- Agricultural 12%
- Residential 19%
- Commercial 32%
- Personal Property 33 and 1/3%
Instead of taxing at different rates, the tax rate in a certain location is
used with variances in value being determined by property classification.
Assume a $100,000 property. If the tax rate in your location is $5.00 per
$100 of assessed valuation, you would pay more tax for a commercial property
than a residential property. Even though the tax rate is the same, the
assessed value varies by classification:
- Commercial $100,000 x 32% = $32,000 assessed value
$32,000/100 (Assessed value per 100) * $5.00 = $1,600 taxes
- Residential $100,000 x 19% = $19,000 assessed value
$19,000/100 (Assessed value per 100) * $5.00 = $950 taxes
When you apply the same tax rate, the larger value will have more taxes.
(In reality, the tax rate for commercial property is always higher than
residential property due to a commercial surcharge on commercial real
estate; the above is for illustrative purposes only).
- Where do you get your car values?
- Per RSMo
137.115, ..."the assessor of each county and each city not within a
county shall use the trade-in value published in the October issue of the
National Automobile Dealers' Association Official Used Car Guide, or its
successor publication, as the recommended guide of information for
determining the true value of motor vehicles described in such
- Why is there a penalty for turning in a late assessment list?
- The authority for penalties for the failure to return an assessment list
is found in RSMo
137.345. Penalties are listed and range from $10 to $100, depending on
the total assessed value of the property. The statutes provide the assessor
with very limited discretion to waive penalties.
It used to be that few penalties were ever applied and lists were commonly
filed late. To force compliance, the statutes were changed in the early
1990's. The new rules for compliance on returning lists were much stricter
and tougher in consequence, resulting in a dramatic increase in compliance
The assessor has attempted all forms of public awareness to remind property
owners to return their lists on time, however we seem to have about the same
number year after year that are turned in late. We continue to use all
available resources to remind property owners to turn in their assessment
lists on time.