Personal property tax is a tax based upon the value of taxable personal property. Taxable personal property consist of motor vehicles, trailers, mobile homes, watercraft, boat motors, aircraft, livestock, farm machinery and equipment, agricultural crops and any other personal property not exempted by law. The Market Value of an item is established by the County Assessor using a standard rate book provided by the Missouri State Tax Commission. The Assessed Value is a percentage of the Market Value. The Assessed Value of an item multiplied by the tax rate (levy) for your district determines the amount of personal property tax you pay.
All taxable personal property shall be assessed in the county in which the owner resides the first day of January each year.
Percentage of Market Value That Determines Assessed Value
|All personal property except those listed below ||33.33%|
|Mobile homes used as dwellings||19%|
|Grain and other agricultural crops ||0.05%|
|Livestock and poultry ||12%|
|Historic motor vehicles||5%|
|Certain business tools and equipment||See applicable laws|