Personal Property Assessment

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

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.

Determination of Taxes

The amount of personal property taxes imposed on a taxpayer is determined by two factors:

  1. The assessed value of their taxable property -- 33.3% of the true value -- established by the local assessor.

  2. 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.

Assessed Value / 100 × Tax Rate = Tax Levied

$2,140 / 21.40 × $5.66 = $121.12

LIABILITY FOR TAXES

Liability for Taxes

Taxes are due on December 31 on property owned on assessment date, i.e. A person moves into Missouri on March 1, 2008. He/she is not assessed until January 1, 2009 and does not pay taxes on property owned that date until December of 2009. A person moves out of Missouri in June of 2008. He/she was assessed January 1, 2008 on property owned on that date and pays taxes for 2008 in Missouri even though he/she has moved away.

FAQs

  1. Why am I being taxed on a vehicle I no longer own?

  2. Why is my tax bill so high?

  3. I am no longer a Missouri resident, do I still owe?

  4. How do I avoid paying late fees?

  5. What do I need in order to get my license plates?


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www.ShowMeBoone.com Boone County, Missouri.  801 East Walnut Columbia, MO 65201 USA