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Facts & Figures - Missouri

Property taxes for the state of Missouri.

In The Show Me State (The Cave State to others) the amount of property tax a taxpayer is responsible for is determined by two factors:

  • The assessed value of the property as determined by the local assessor
  • The tax rates that have been set by local taxing authorities such as school districts, the county, the city (if applicable) libraries, etc. (plus a three cent per $100 valuation state tax rate)

The second factor is more commonly known as the millage rate, which when applied to the assessed value of a property will tell you how much in property taxes you owe. After the value of the house has been appraised, the assessed value is then determined by multiplying the appraised value with a certain percentage according to type of property:

  • Residential property is assessed at 19%
  • Agricultural land at 12%
  • Commercial property 33%
  • Personal property anywhere between 5 and 33.3%

Some personal property is exempt such as household goods, inventories, apparel, and other items of adornment. Real estate exempt from taxation include properties owned by governments and used for nonprofit purposes, cemeteries, religious centers, and schools.

The Missouri Property Tax Credit Claim gives credit to senior citizens and totally disabled persons for a portion of the real estate taxes or rent paid that year. The maximum credit you can receive is $750 and you must live in the home for which the credit is claimed.

The Homestead Preservation Act give senior citizens and totally disabled persons credit on their property tax if those taxes 2.5% in a non-assessment year or 5% in an assessment year. The credit would be the amount over which the applicable assessment exceeded. For more information, click here.

Missouri Department of Revenue

 

 



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