Real Estate Frequently Asked Questions
1). What is reassessment?
This is an update of all real property assessments in the county, conducted by the County Assessor to equalize values among taxpayers and to adjust values to current market conditions. Reassessment is mandated by Missouri State Statute to take place in the odd number years (2005, 2007, etc). The property’s values is to be at Fair Market Value.
2). What happens in the even numbered year?
For most real estate owners, nothing happens. However, if an owner constructs a new deck, garage, remodels, etc., the property’s market value is adjusted to reflect the added value of the new construction. The total value is based upon market value.
3). Will I be notified if there is an increase in my assessment?
The County Assessor is required by Missouri State Statutes to notify the owner of record of an increase in valuation of real property.
4). What if I disagree with my assessment?
You are entitled to appeal your assessment per the Missouri State Statutes. Please see the section on Hearings and Appeals.
5). How are Real Estate Classifications determined?
Missouri statutes define the three subclasses of real estate:
Subclass 1 – Residential property is all real property improved by a structure which is used or intended to be used for residential living by human occupants, vacant land in connection with an airport, land used as a golf course, and manufactured home parks, but residential property shall not include facilities used primarily for transient housing.
Subclass 2 – Agricultural and Horticultural property is that which is actively used for those purposes. The value of this land is established by its productivity, based on soil productivity guidelines by the State Tax Commission. It is not based on market value; however, when the highest and best use of land is considered to be agricultural, and it is not actively farmed, it is assessed according to market value and not by productivity guidelines.
Subclass 3 – Utility, Industrial, Commercial, and Railroad property and any other real estate that does not fit either of the other two classes. Includes mines, stores, factories, property of non-profit corporations.
6). Does the Assessor prorate taxes between buyer and seller in the event a property is sold?
No. Any arrangement regarding property taxes is between the buyer and seller, but the full amount of taxes must be paid at one time to the County Collector.
The County Assessor DOES NOT:
- Calculate Taxes
- Collect Taxes
- Determine Tax Levies
- Determine or Administer Neighborhood Improvement District(s) or Sewer Districts.
- Set Policy for the Board of Equalization