Classifications of Property

In setting values, the assessor is bound by laws and rules designed to assure that assessments are as uniform as possible. Once the assessor arrives at the total market value of any piece of real and/or personal property, he/she must then apply the correct classification (percentage) in order to obtain the assessed value as set in law for each type of property.

Real Property is assessed:

Property Type Percent of Market Value
Real Property Assessment Rates
Residential 19%
Agricultural 12%
Commercial and all other 32%

*Agricultural land that is actively farmed is assessed according to its productive capability, with a specific value per acre assigned to each grade of land. These values are set by the MO State Tax Commission and approved by the Missouri General Assembly and are generally not considered to be representative of actual market value. The statutes allow agricultural land which is vacant and unused to be assessed at 12% of its actual market value.

Personal Property is assessed:

Personal Property Assessment Rates
Property Type Percent of Market Value
Manufactured Homes 19%
Farm Machinery 12%
Historic Cars and other Specialty Property 5%
Crops (Grains) ½ of 1%
Vehicles and other Personal Property 33 and 1/3%