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.

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?

   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.

2. 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.

3. 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.

4. 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.

5. 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.

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