Understanding Personal Property Taxes in Missouri: Your Ultimate Guide
Introduction
Missouri is one of the few states that levy personal property taxes on individuals and businesses. Personal property tax is a tax levied on tangible assets such as cars, boats, machinery, livestock, and furniture. In this ultimate guide, we will take a closer look at personal property taxes in Missouri, how they work, and what you need to know to stay compliant.
What is Personal Property Tax?
Personal property tax is a tax assessed against personal property that is owned or used in a business or for personal purposes. It is different from real property tax, which is levied on real estate properties such as land, buildings, and homes. Personal property tax in Missouri is levied by the county assessor’s office, and the tax rate varies from county to county.
Who needs to pay Personal Property Tax?
Almost everyone who owns personal property in Missouri is required to pay personal property tax. The only exemptions are for those 65 years or older, disabled individuals, and disabled veterans. Businesses that use personal property for commercial purposes are also required to pay personal property tax in Missouri.
How is Personal Property Tax calculated in Missouri?
In Missouri, personal property tax is calculated based on the assessed value of the property. The assessed value is determined by the county assessor’s office, and it is usually a percentage of the fair market value of the property. The tax rate is then applied to the assessed value of the property to arrive at the final tax amount.
When is Personal Property Tax Due?
Personal Property Taxes in Missouri are due on December 31st of every year. Failure to pay by the due date may result in penalties and interest charges.
How to Pay Personal Property Tax in Missouri?
Personal Property Tax can be paid in two installments, with the first installment due by March 1st and the second installment due by December 31st. Payments can be made online, by mail, or in person at the county collector’s office. Make sure to keep all payment receipts and documentation as proof of payment.
Conclusion
Personal Property Taxes in Missouri can be confusing, but with information and resources available, it doesn’t have to be. It’s important to know your obligations and pay your taxes on time to avoid any penalties or interest charges. Contact the county assessor’s office or consult with a tax professional for more information on personal property tax in Missouri.
