Business
Owned Property
Commercial or business personal property assessment lists are due to the Assessor's office no later than March 1st of any year. Lists received after this date will be subject to penalty by law.
In 2005, the Missouri General Assembly passed laws* affecting the assessment of business personal property. The intent of the legislation is to bring about uniformity by implementing depreciation schedules in Statute that all assessors must follow.
*HB 461; HB 58; SB 210 (2005 session); all identical changes to RSMo 137.122
Property Definitions
| Before January 1, 2006 |
On or After January 1, 2006 |
|---|---|
| Property Classified by Type Only (e.g. Computer) |
Property Classified by IRS Class Life / Recovery Period (e.g. 3 year, 5 year, etc) |
| 3 Categories Used to List Property |
6 Categories used to List Property |
| Residual Depreciation Reached After 7 Years |
Residual Depreciation Ranges From 4 to 17 Years |
For more information View IRS Publication 946 (PDF).
Depreciation Schedule
Business personal property values are based on the original acquisition cost and year purchased of equipment. Depreciation tables are then applied based on the age of equipment to determine value. Business personal property is assessed at 33 and 1/3% of market value. We ask that you submit a copy of your IRS fixed asset list; many businesses use their IRS figures, however we check your asset list(s) because there may be items included that are not considered personal property, or may have already been considered as real estate.
View Business Personal Depreciation Schedule.
Leased Property
If you lease business personal property (computer equipment, for example) you need to scrutinize your lease documents to make sure who is liable for property taxes.
Depreciation Schedule
Business personal property values are based on the original acquisition cost and year purchased of equipment. Depreciation tables are then applied based on the age of equipment to determine value. Business personal property is assessed at 33 and 1/3% of market value. We ask that you submit a copy of your IRS fixed asset list; many businesses use their IRS figures, however we check your asset list(s) because there may be items included that are not considered personal property, or may have already been considered as real estate.
View Business Personal Depreciation Schedule.
Leased Property
If you lease business personal property (computer equipment, for example) you need to scrutinize your lease documents to make sure who is liable for property taxes.
- If you are responsible for the taxes, you need to list the leased property under the appropriate category on your business assessment list.
- If the leasing company pays the taxes, they normally will provide our office with a list of property owned and taxable in Cole County specifying the lessee and location. In this case, you do not list any leased property on your assessment list.
- Property that is leased to tax-exempt organizations is taxable property. Business personal property is tax-exempt only when it is owned by the tax-exempt entity.