Missouri’s Property Taxes Higher This Year Than In Years Past. Not Cool
If any of you have ever paid off a car, and no longer have a monthly payment, you know the joy of it. Today however I was reminded that the state of Missouri views that accomplishment as property. I had not remembered that fact from my previous 4+ years of living in the state. Well that property tax bill arrived today for me, and it will be for many of you very soon.
Now for more bad news and a friendly warning. That bill may be higher this year, than it has been in past years. Lovely.
Missourians are required to pay personal property taxes to their local county’s assessor’s office each year by Dec. 1. Although my bill says it needs to be paid by the end of year. (Dec 31). That includes cars, boats, farm equipment and other various pieces of property.
According to the Missouri State Tax Commission, local assessors determine the tax bills by the estimated market value of the property. Counties might differ in assessment rates and tax rates, but the market value of property assessed is constant, regardless of where the personal property tax is collected.
In Missouri, cars are assessed based on trade-in value published by the National Automobile Dealers’ Association (NADA) Official Used Car Guide in an October issue of the previous year. So personal property taxes collected on cars are based on the Oct. 2021 NADA value. You can click HERE for more details.
So why are the prices going up? The COVID-19 pandemic was a factor, supply chain issues, as well as more people looking to buy used vehicles as opposed to new ones. Used vehicles in the US were in higher demand this past years.
Increased personal property tax bills could mean increased revenues throughout the state, though some local assessors might be wary of possible adverse effects. Whether all of this means changes to your bill or not, all Missourians are required to pay their property tax and real estate bills by Dec. 31 or postmark a payment via mail by that deadline.
Hopefully yours won't be too high. I am happy to pay a one time yearly fee as opposed to a monthly car payment. It won't affect my Christmas shopping too much.