Missouri Property Tax
Editor’s Note: For purposes of this article, we will discuss taxes on real property in Missouri.
While federal tax rates are the same across the board, state real property taxes are another story. In addition to state income taxes, any individual who owns property must pay real property taxes.
Who Owes Missouri Property Tax?
Property tax is paid by owners of land and buildings. They pay an amount of money based on the value of their land and buildings.
If you own property in Missouri you will be required to pay Missouri state property tax. Even if the property was gifted to you through an estate or you own a rental property, you are still required to pay real property taxes.
There is no minimum or maximum amount to pay on your property in Missouri to pay property taxes.
What is the MO Property Tax Rate?
The MO property tax rates vary from county to county. The property tax amount due depends on your home and land’s assessed value and the total tax rate in your area.
Property in Missouri is reassessed every two years (odd-numbered year). County assessors gauge the market value of the real property a number of ways. The most common way is by sale prices of nearby comparable properties and attributes of your home.
Once the county assessor defines the property’s market value, a state assessment rate of 19% is applied. (So your property’s assessed value should equal to 19% of market value.)
What Are Missouri Property Taxes Used For?
The money collected from MO property taxes is used for multiple public services throughout the state, like:
- First responders and other law enforcement
- General government services
- Municipal employees’ pay
- Municipal infrastructure and land construction or improvements
- Protective services
- Recreational services
- Resident services like garbage pickup
How Do You Pay Property Tax in Missouri?
After you purchase a home or land, you can set up your real property taxes to be paid in escrow.
If you already own a property, and are not sure if you are paying property taxes or not out of escrow, view your mortgage statement, and make sure it includes:
- Homeowner’s insurance
- Missouri property taxes
Visit the Missouri Department of Revenue website for more information.
When Are MO Property Taxes Due?
Missouri property taxes are due by Dec. 31 of each calendar year. Interest is at the penalty rate of 2% per month, or fractional part thereof, but capped at 18% per year for each year’s delinquency on lands redeemed prior to sale
How do I find out about my personal property taxes?
Contact your County Assessor’s Office. For contact information, see the Missouri State Tax Commission website.
Where To Go For More Tax Help
Gauging how the property tax is calculated and the proper amount is important, otherwise, you may be paying too much, too little, or not at all. Beyond this, there is a federal real estate tax deduction you can take if you itemize. But to determine how much the deduction is, who gets it, and when, takes time.
If you’re looking for additional support with your Missouri tax questions, look no further. With Tax Pro Go, we’ll match you with someone with the right state expertise, including Missouri real property tax. Tax Pro Go allows you to have your taxes done by a real tax pro without visiting an office. Get matched with a tax pro, upload your tax documents, and we do the rest. It’s that simple.
Taking in these local and state tax considerations, we can make sure you are supported when it comes to taxes.
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