Individual property includes ATVs, automobiles, buses, campers, mobile homes, motorcycles, trailers, trucks, and watercraft (boats, boat motors and jet skis).
Business personal property is tangible personal property that is used in a trade or business or used for production of income and which has a determinable life of longer than 1 year except that supplies used by a business shall also be considered business personal property, but shall not include livestock, farm machinery, grain, and other agricultural crops in an unmanufactured condition.
Construction Work In Progress
Construction work in progress, which was previously assessed at 50% of its ultimate value before the equipment was placed in service, will now be taxed at its normal depreciated value, as determined by its life class , when it is placed in service.
Per Mo Revised Statute 137.122, property is placed in service when it is ready and available for a specific use, whether in a business activity, an income-producing activity, a tax-exempt activity, or a personal activity. Even if the property is not being used, the property is in service when it is ready and available for its specific use.
Agricultural property may include farm machinery and attachments, grains and livestock.