[PDF] Missouri Property Tax Reassessment eBook

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Missouri Property Tax Reassessment

Author : Missouri Bar. Committee on Legal Education
Publisher :
Page : 204 pages
File Size : 50,45 MB
Release : 1985
Category : Property tax
ISBN :

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Frequently Asked Questions about the Assessment Process - Living With Our Property Tax

Author :
Publisher :
Page : 0 pages
File Size : 34,16 MB
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ISBN :

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Frequently Asked Questions about the Assessment Process Living With Our Property Tax: Facts, Issues, Options A Living Guide to Missouri's Property Tax - A Project of the Public Finance Initiative What is assessment and reassessment? The property tax is designed to be a tax upon the wealth associated with ownership or occupancy of a particular piece of property. [...] What is market value? The goal of property assessment in most states and Missouri is to assess property so that the value determined by the assessor reflects market value. [...] The three accepted techniques of valuation are the cost approach, the sales comparison approach, and the income approach: • Cost Approach: In the cost approach, the assessor determines value by determine what it could cost to build a replacement to the property and any improvements on the property. [...] Once all levies are determined, the levies of all of the taxing entities allowed to tax the property are combined (along with an additional 3 cent state levy for the Blind Pension Fund), to determine the total levy. [...] Once the assessor receives the personal property form, an assessed value is assigned and the tax liability is determined in the same manner as real property.