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The property tax in Missouri is “ad valorem,” meaning taxes are based on property value. The Assessor and Collector of Revenue have no authority or responsibility for establishing tax rates or budgets for political subdivisions.
Real estate and personal property tax bills are developed through three key components:
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Missouri law requires a re-evaluation of real estate property values every odd-numbered year. Personal property is assessed annually.
The purpose of real estate reassessment is the equalization of value, as well as adjusting any values to better reflect current market conditions as of the tax date. This assures the tax burden is distributed fairly among those responsible for payment. New construction is added on an annual basis.
General economic conditions such as interest rates, inflation rates, supply and demand, and local market conditions will influence the value of real estate. As property values change in the marketplace, value adjustments must be reflected on the assessments to assure equitable distribution of the tax base.
The Assessor does not create value, but interprets the real estate market—measuring different economic data, and changes in the real estate market value. Mass appraisal is the process of valuing group(s) of properties as of January 1 of each assessment cycle, using standard methods of valuation, employing common data, and statistically testing for acceptable ratios.
Market value is the most probable price in terms of money that a property will bring in the open and competitive market. Not all sales are completed at market value. The Assessor is charged with estimating the market value of each property in St. Charles County according to State Statutes.
Reassessments occur every odd-numbered year. The Assessor is charged with the creation of an assessment roll on an annual basis for personal property and real estate taxes.
The Assessor’s office utilizes the following data and procedures:
Sale Price is the factual amount paid by a buyer for a property or group of properties.
Appraisal is a detailed single-property estimate of value, obtained for purposes such as a mortgage, determination to sell, home equity loan, or estate valuation.
Assessment is a mass appraisal of property as of January 1 of the year of reassessment (odd years for real estate assessments, annually for personal property assessments) and is for tax purposes. The process involves valuing a group of properties as of a given date, using standard methods, employing common data, and allowing for statistical testing.
This process is mass appraisal or assessment and not fee appraisal. Fee appraisals are typically completed for bank purposes and are usually for one property. Each parcel has appropriate land and improvement values separately stated and adjusted to recent qualifying fair market sales.
Every property owner will receive a “change in assessed value notice,” also a “projected property tax liability notice,” from the Assessor when value changes. These notices are usually sent in late April and include the appeal process and contact numbers.
Property owners should review the information on the notice for accuracy (more detail about your property can be found by visiting the Assessor’s website. If you have compelling information to prove the value is different, or think there has been an error in data collection, simply schedule an informal hearing and submit an appeal.
Any owner may appeal and attempt to prove the reassessment value is incorrect due to clerical error or inequitable when compared to like properties. Dates, telephone numbers or emails to schedule a hearing will be on every notice mailed. Hearings will be prescheduled to minimize taxpayer time. Visit our Appeal Process webpage to learn more.
Reassessment values, when completed, will be posted online.
Simply detached the bottom portion of the notice, state the discrepancy and mail to the address listed, use the contact number on the notice, or visit us online.
The Assessor and Collector of Revenue are NOT responsible for setting budgets in political subdivisions or for establishing the tax levy/tax rate of each individual political subdivision. The Assessor’s Office has no control over the tax rate or collection policies. The purpose of a general reassessment is not to raise taxes. In fact, the process is rate driven, meaning the tax rate is unknown at the time the value is established. Value is an estimate determined by using facts and real estate and economic market information. Tax is the amount of dollars needed to provide local services. Although assessed value and tax are inter-related, each determination is arrived at separately.
All assessments are based on recorded legal descriptions as of Jan. 1 of the current year per RSMo 137.021. Changes in recorded legal descriptions after Jan. 1 will be reflected in the next years assessment. Values for current year are certified to tax entities July 1 of each year.