Real Estate Assessment
- Assessment is the process of placing value on a property for the purpose of property taxation. The first equalized assessment values were placed on the county tax rolls in 1985. Reassessment occurs every two years and is an update of all real property assessments in the county. The purpose of reassessment is to equalize values among taxpayers and to adjust values to current market conditions. This helps keep new construction homeowners, who have been put on for current value, from bearing the tax burden, since older homes are also brought up to their current value in reassessment. Missouri’s assessment date is January 1st; real property is assessed as of January 1st of each odd-numbered year. Reassessment is every odd year and new construction and additions to existing improvements are added to the county tax rolls every year. (based on the % complete by January 1).
- Once an appraised value has been determined, a percentage of that value is calculated to arrive at the assessed value. The percentage is based on the classification, determined by the type of property or how it is used. There are four classes of real property: Residential, Agriculture (is used for the raising of livestock or the raising/cultivating of crops), Commercial, and other. The percentages for each class are: Residential 19%, Agriculture 12%, Commercial 32%, and other 32%. For example, a residential appraised value of $100,000 would have an assessed value of $19,000. Taxes are calculated by multiplying the assessed value times the combined levies of the taxing entities which levy a tax on that particular property.
- The assessment process is computerized. The computer is used to track the assessment values assigned to every parcel and to maintain pertinent records for each parcel. In reassessment years the computer can be used to quickly update every parcel, if it is needed to be done, to reflect current value. Building data is collected in the field and is entered into the computer and improvement value (usually a replacement cost new less depreciation) is calculated and added to the assigned land value resulting in an appraised value. When the final value is assigned, the record becomes permanent and, if the assessed value has increased compared to the previous year, the property owner is notified in the spring of the first year the new value will be used. Assessment lists and tax books are all computer generated.
- Parcel maps: Parcel maps, ranging in several sizes, are available for the entire county. Pricing starts at $2.00 for a single 8 ½" × 11" black and white map and increases as print size increases or if you want a colored map. Feel free to contact the office with questions concerning map pricing.