Personal Property Assessment
ACTIVE Military Personnel
A change in the federal law now requires a vehicle (or, other personal property) not to be taxed in Missouri if it is owned by the spouse of a service member whose home of record is not Missouri, and whose residence is the same as the service member’s, even if the property is owned individually by the spouse. Please see the following document for complete details.
Assessment Cycle
Personal Property is assessed each year. The taxpayer is required to update all information concerning the make, model and year of autos, and purchase price and year of purchase for machinery, office equipment, etc. with the County Assessor at the start of each new year. §137.080 RSMo
Property is assessed as of January 1. Taxpayers must submit a list of personal property to the Assessor before March 1 of each calendar year.
Liability for Taxes
Every person owning or holding real property or tangible personal property on the first day of January, including all such property purchased on that day, shall be liable for taxes thereon during the same calendar year. §137.075 RSMo
Taxes are due on December 31 on property owned on assessment date (the first day of January each year), e.g. A person moves into Missouri on March 1, 2009. He/she is not assessed until January 1, 2010 and does not pay taxes on property owned that date until December of 2010. A person moves out of Missouri in June of 2009. He/she was assessed January 1, 2009 on property owned on that date and pays taxes for 2009 in Missouri even though he/she has moved away.
Determination of Taxes
The tax rate is set by the governing bodies of local governments where the property is located.
The amount of personal property taxes imposed on a taxpayer is determined by two factors:
The assessed value of their taxable property — 33.3% of the true value — established by the local assessor.
The tax rate set by the governing bodies of local governments where the property is located.
The amount of taxes levied is determined by the tax rate for every $100 of assessed value. Example:
Assessed Value / 100 × Tax Rate = Tax Levied
$2,140 / 21.40 × $5.66 = $121.12
Common Questions
- What property is liable for taxes?
§137.080 For purposes of assessing and taxing tangible personal property, all tangible personal property shall be divided into the following subclasses:
Grain and other agricultural crops in an unmanufactured condition;
Livestock;
Farm machinery;
Vehicles, including recreational vehicles, but not including manufactured homes, as defined in section §700.010, RSMo, which are actually used as dwelling units;
Manufactured homes, as defined in section §700.010, RSMo, which are actually used as dwelling units;
Motor vehicles which are eligible for registration and are registered as historic motor vehicles under section 301.131, RSMo;
All taxable tangible personal property not included in subclass (1), subclass (2), subclass (3), subclass (4), subclass (5), or subclass (6).
- When is personal property assessed?
§137.075, RSMo, Every person owning or holding real property or tangible personal property on the first day of January, including all such property purchased on that day, shall be liable for taxes thereon during the same calendar year.
- How does the assessor determine the taxable value of personal property?
§137.115. 1, RSMo, Except as otherwise provided in subsection 3 of this section and section §137.078, RSMo, the assessor shall annually assess all personal property at thirty-three and one-third percent of its true value in money as of January first of each calendar year.
3. The following items of personal property shall each constitute separate subclasses of tangible personal property and shall be assessed and valued for the purposes of taxation at the following percentages of their true value in money:
Grain and other agricultural crops in an unmanufactured condition, one-half of one percent;
Livestock, twelve percent;
Farm machinery, twelve percent;
Motor vehicles which are eligible for registration as and are registered as historic motor vehicles pursuant to section §301.131, RSMo, and aircraft which are at least twenty-five years old and which are used solely for noncommercial purposes and are operated less than fifty hours per year or aircraft that are home built from a kit, five percent;
Poultry, twelve percent; and
Tools and equipment used for pollution control and tools and equipment used in retooling for the purpose of introducing new product lines or used for making improvements to existing products by any company which is located in a state enterprise zone and which is identified by any standard industrial classification number cited in subdivision (6) of section §135.200, RSMo, twenty-five percent.
9. 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 publication. In the absence of a listing for a particular motor vehicle in such publication, the assessor shall use such information or publications which in the assessor's judgment will fairly estimate the true value in money of the motor vehicle.
The tax rate is set by the governing bodies of local governments where the property is located.
The amount of taxes levied is determined by the tax rate for every $100 of assessed value. Example:
Assessed Value / 100 × Tax Rate = Tax Levied
$2,140 / 21.40 × $5.66 = $121.12
- What is the deadline for submitting personal property declarations each year? Is there a late penalty?
§137.345. 1, RSMo, If any person, corporation, partnership or association neglects or refuses to deliver an itemized statement or list of all the taxable tangible personal property signed and certified by the taxpayer, as required by section §137.340, RSMo, by the first day of March, they shall be assessed a penalty added to the tax bill, based on the assessed value of the property that was not reported, as follows:
| Assessed Valuation | Penalty |
|---|
0–$1,000 | $10 |
$1,001–$2,000 | $20 |
$2,001–$3,000 | $30 |
$3,001–$4,000 | $40 |
$4,001–$5,000 | $50 |
$5,001–$6,000 | $60 |
$6,001–$7,000 | $70 |
$7,001–$8,000 | $80 |
$8,001–$9,000 | $90 |
$9,001 and Above | $100 |
The assessor in any county of the first classification without a charter form of government with a population of one hundred thousand or more inhabitants which contains all or part of a city with a population of three hundred fifty thousand or more inhabitants shall omit assessing the penalty in any case where he is satisfied the neglect is unavoidable and not willful or falls into one of the following categories. The assessor in all other political subdivisions shall omit assessing the penalty in any case where he is satisfied the neglect falls into at least one of the following categories:
The taxpayer is in military service and is outside the state;
The taxpayer filed timely, but in the wrong county;
There was a loss of records due to fire, theft, fraud or flood;
The taxpayer can show the list was mailed timely as evidenced by the date of postmark; or
The assessor determines that no form for listing personal property was mailed to the taxpayer for that tax year; or
The neglect occurred as a direct result of the actions or inactions of the county or its employees or contractors.
- Can I still file my propery declaration after March 1st and avoid the penalty?
§137.345. 3, RSMo, Between March first and April first, the assessor shall send to each taxpayer who was sent an assessment list for the current tax year, and said list was not returned to the assessor, a second notice that statutes require that the assessment list be returned immediately. In the event the taxpayer returns the assessment list to the assessor before May first, the penalty described in subsection 1 of this section shall not apply. If said assessment list is not returned before May first by the taxpayer, the penalty shall apply.
- What if I own property that resides in another county?
§137.090, RSMo, All tangible personal property of whatever nature and character situate in a county other than the one in which the owner resides shall be assessed in the county where the owner resides; except that, houseboats, cabin cruisers, floating boat docks, and manufactured homes, as defined in section 700.010, RSMo, used for lodging shall be assessed in the county where they are located, and tangible personal property belonging to estates shall be assessed in the county in which the probate division of the circuit court has jurisdiction. Tangible personal property, other than motor vehicles as the term is defined in section §301.010, RSMo, used exclusively in connection with farm operations of the owner and kept on the farmland, shall not be assessed by a city, town or village unless the farmland is totally within the boundaries of the city, town or village. No tangible personal property shall be simultaneously assessed in more than one county.
- How are mobile homes assessed?
§137.115 6, RSMo, Manufactured homes, as defined in section §700.010, RSMo, which are actually used as dwelling units shall be assessed at the same percentage of true value as residential real property for the purpose of taxation. The percentage of assessment of true value for such manufactured homes shall be the same as for residential real property. If the county collector cannot identify or find the manufactured home when attempting to attach the manufactured home for payment of taxes owed by the manufactured home owner, the county collector may request the county commission to have the manufactured home removed from the tax books, and such request shall be granted within thirty days after the request is made; however, the removal from the tax books does not remove the tax lien on the manufactured home if it is later identified or found. A manufactured home located in a manufactured home rental park, rental community or on real estate not owned by the manufactured home owner shall be considered personal property. A manufactured home located on real estate owned by the manufactured home owner may be considered real property.
- Are owners of manufactured home parks, marinas, or hangers required to report property that is owned by others that is located at the facility?
Yes. Since 2008 owners of manufactured home parks, manufactured home storage facilities, marinas or any hangars will be required to report to the county assessor
information regarding certain personal property located at their facilities. Failure to report
the property could result in the property being assessed against the facility owner and the
assessment of a penalty.
According to the new statute, section 137.092, RSMo, the owner of such a facility must
report to the county assessor by January 30th of each year certain personal property owned
by others that is located at the facility. The personal property that must be reported is any
house trailer, manufactured home, boat, vessel, floating home, floating structure, airplane,
or aircraft. The list of personal property must be accompanied by the name and address of
the owner of the personal property, the county of residence of the owner, if known, and a
description of the personal property.
If the owner of the facility fails to timely report or fails to include all the information, the
assessor may assess the property to the owner of the facility and assess a penalty ranging
from $10 to $100 based upon the value of the property not reported.
- Why am I being taxed on a vehicle I no longer own?
You are taxed based on vehicles owned on January 1st of the tax year. Even if you no longer own the vehicles, even if you now own different vehicles, even if you now own no vehicles, you still pay tax based on what you owned on the first day of the year.
- Why is my tax bill so high?
The amount of tax you owe is based on the vehicles you owned January 1st of that year. The value of the vehicles is established by the County Assessor using a standard rate book. The assessed value of your vehicles can be found in the lower right side of your statement.
- I am no longer a Missouri resident, do I still owe?
Yes. By state law, your tax obligation is established on January 1st. Even if you move to a different state the next day, you are still taxable for the year. Unfortunately, the law makes no provision for pro-rating the tax bill.
- How do I avoid paying late fees?
Your payment must be postmarked no later than December 31st. Payments postmarked after that date will be returned for late penalties.
You must also submit your Personal Property Declaration to Boone County before March 1st of each year.
- What do I need in order to get my license plates?
You will need to take the following information to the license bureau: A paid tax receipt or waiver from the previous year; an inspection slip (unless the car is new); proof of insurance, and a renewal notice if available.
www.ShowMeBoone.com Boone County, Missouri.
801 East Walnut Columbia, MO 65201 USA
