Personal Property

How is personal property assessed?
Personal property is assessed each year and includes cars, trucks, buses, motorcycles, motor homes, boats, motors, campers, trailers, historic vehicles, airplanes, Mobile Homes not attached to owners land, heavy equipment, farm machinery and livestock. Vehicle values are predominantly from the N.A.D.A. vehicle value guides, per statute, and other valuation guides and/or market data for other types of personal property. Business equipment is generally valued based on cost/depreciation tables as applied to acquisition cost(s) of equipment, supplemented with market data where available. If you own a business, you need to file your equipment, tools, computers, furniture, fixtures, office machines, etc. as well as any of the previously listed items from the regular form.

Once Value has been determined, the assessor calculates a percentage of that value to arrive at assessed value. The percentage is based on the classification, determined by the type of property or how it is used.

Personal Property Assessment Rate:

Historic Autos 5%
Farm Equipment / Livestock 12%
Grain .05%

Cars, Boats & Other

33.3%

Mobile Homes

19%

 

As an example, an automobile with a market value of $12,000 would be assessed at 33 1/3% or $4,000.

How does the Assessor know what personal property I have?
The assessor sends out approximately 45,000 personal and 3500 business assessment forms in the second week of January each year. If you live in Franklin County as of January 1st of that year, you must file with the assessors office. It is your responsibility to send a completed form to the assessor by March 1, listing all the taxable personal property you owned January 1. As a courtesy, a second notice is typically mailed in mid March. The penalty for returning a late form ranges from $15 up to $105, depending on the amount of valuation involved. The assessor may contact you to follow up if the form is not complete.

I just purchased a vehicle, will I owe property taxes on it this year?
Property taxes are due on property owned, or under your control, as of January 1. If you did not own a vehicle on January 1, then no personal property taxes will be due. If you purchase a vehicle after January 1, no taxes will be due on it in the year of purchase. You will need to contact the collector and request a statement of non-assessment. If you traded or owned other vehicles on January 1 they will be assessed and liable for taxes for the year.

What if I'm in the military?
Military personnel whose Home of Record is Missouri must file in the county where they entered the service regardless of the location of the property, as per Federal Law 50 USC 571. Military personnel whose Home of Record is NOT Missouri are nontaxable.