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
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 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. Property is assessed as of January 1. Taxpayers must submit a list of personal property to the Assessor before March 1 of each year.
Determination of Taxes
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.
Assessed Value / 100 x Tax Rate = Tax Levied Example: $2140 21.40 x $5.66 =$121.12 Liability of Taxes
Taxes are due on December 31 on property owned on assessment date, i.e. A person moves into Missouri on March 1, 2001. He/she is not assessed until January 1, 2002 and does not pay taxes on property owned that date until December of 2002. A person moves out of Missouri in June, 2001. He/she was assessed January 1, 2001 on property owned on that date and pays taxes for 2001 in Missouri even though he/she has moved away.