Show All Answers

1. How often do you reassess property?

Real estate property is reassessed biennially, every two years, on the odd numbered year (2015, 2017, 2019, etc.) Personal property is assessed on an annual basis.

2. Who makes the decision to reassess my property?

The state legislature, utilizing oversight through the State Tax Commission, requires the assessor to reassess all real estate property every two years, and all personal property every year. (RSMo 137.115)

3. Why is reassessment required?

Under Missouri's Constitution, all assessments for property tax purposes must be based upon market value and be uniform within the same subclass of property. Over time, the value of property may change due to many possible factors (e.g., location, inflation, market conditions). Some values change more rapidly than others. Reassessment is the process by which property values are equalized, ensuring uniformity in property values and making sure the taxpayer is being taxed fairly and being taxed the same as owners of other comparable property.

4. What is market value?

Market value, true value in money and appraised value all have the same meaning under Missouri law. A simple definition of market value is the price a property would bring when offered for sale by a person who is willing but not obligated to sell, and is bought by a person who is willing to purchase though is not forced to do so.

5. What is the difference between market value and assessed value?

The assessed value is a percentage of the market value of a property, and is determined based on the classification of the property. Real property can fall into the following classifications with their corresponding assessment percentages:
- Agricultural 12%
- Residential 19%
- Commercial 32%
For example, a residential property with a market value of $100,000 has an assessed value of $19,000 ($100,000 x .19). However a commercial property with a market value of $100,000 has a different assessed value because it has a different assessment percentage ($100,000 x .32 = $32,000).

6. Do all property values change during reassessment?

Property values may increase, decrease, or stay the same in a reassessment. Reassessment equalizes property values by reappraising them to a current date. Any change in a reassessment cycle is dependent upon the local real estate market and the local economy. The assessor is simply reflecting the current market values as they apply to each property, in each neighborhood, in every part of the county.

7. How can my property value increase if I have done nothing to it?

Value increases can vary based on a number of reasons. As a general rule, most people sell their property for more than they paid for it, assuming that average and adequate maintenance has been done over the years. This happens when the market supports a higher price due to the supply and demand for that type of property. The demand for a certain type of house, a home in a certain location, or a property within a certain price range are all factors that can cause value to go up, even though no additions or major remodeling have been completed on that property.

8. What if I disagree with my assessment?

The Cole County assessor's office takes pride in its relationship with all citizens concerning their property values and we invite anyone who disagrees with their assessment to contact us for an informal meeting. Informal appeals are not required and are at the discretion of each assessor. Please remember that the job of the assessor is to see that property values reflect current market values. To properly contest your property value, it is strongly suggested that you gather and present evidence that supports what your property is worth in the current market. Examples of pertinent evidence could include descriptive property photographs, certified property inspection reports, a recent appraisal, or information concerning recent sales in your neighborhood.

Normally, property value impact notices are mailed in May and informal appeals occur during the end of May and all of June. Formal appeals with the Board of Equalization must be appealed at the County Clerk's office the 2nd Monday in July. Formal appeals to the State Tax Commission are only allowed if you have gone through the Board of Equalization process first; State Tax Commission level appeals are usually held in September and October.

Find out more about Appeals.

9. Why do my taxes increase?

An increase in taxes can be the result of:
- An increase in the tax rate (tax levy)
- An increase in assessed valuation (can be from reassessment or from new construction)
- A combination of increases in both the tax rate and assessed value

10. How does reassessment affect my taxes?

It depends, and there is no magic formula answer. An increase in assessed value does not necessarily equate to an increase in property taxes. Consequently, your taxes can increase without an increase in assessed valuation.

Taxes are determined by multiplying your assessed valuation times the tax rate. A variance in either factor can change your tax amount. In order for taxes to decrease there must be either a decrease in assessed valuation or a decrease in the tax rate (which can occur due to a tax rate rollback, the statutory protection provided to limit the increase taxing entities can receive from reassessment). Likewise, an increase in either assessed valuation or tax rate can cause an increase in taxes.

The tax system, created by the legislature, is set up to keep the valuation and taxing functions separate. To provide for fair and accurate assessments, periodic updates (reassessment) are required, ensuring fairness and equity in property values. After the values are completed, the political subdivisions set the tax rates, determining the amount of taxes you will pay. The assessor only deals with assessed valuation; the assessor has no control over tax rates.

11. Is all property taxed at the same rate?

No. Instead of taxing at different rates, the tax rate in a certain location is used with variances in value being determined by property classification.
Assume a $100,000 property. If the tax rate in your location is $5.00 per $100 of assessed valuation, you would pay more tax for a commercial property than a residential property. Even though the tax rate is the same, the assessed value varies by classification:
- Commercial $100,000 x 32% = $32,000 assessed value. $32,000/100 (Assessed Value per 100) * $5.00 = $1,600 taxes
- Residential $100,000 x 19% = $19,000 assessed value $19,000/100 (Assessed Value per 100) * $5.00 = $950 taxes
When you apply the same tax rate, the larger value will have more taxes.
(In reality, the tax rate for commercial property is always higher than residential property due to a commercial surcharge on commercial real estate; the above is for illustrative purposes only).
Please find more information on the
Real Estate Page.

12. Where do you get your car values?

Per RSMo 137.115,..."the assessor of each county and each city not within a county shall use the trade-in value published in the October issue of the National Automobile Dealers' Association Official Used Car Guide, or its successor publication, as the recommended guide of information for determining the true value of motor vehicles described in such publication..."

13. Why is there a penalty for turning in a late assessment list?

The authority for penalties for the failure to return an assessment list is found in RSMo 137.345. Penalties are listed and range from $10 to $100, depending on the total assessed value of the property. The statutes provide the assessor with very limited discretion to waive penalties.

It used to be that few penalties were ever applied and lists were commonly filed late. To force compliance, the statutes were changed in the early 1990's. The new rules for compliance on returning lists were much stricter and tougher in consequence, resulting in a dramatic increase in compliance ever since.

The assessor has attempted all forms of public awareness to remind property owners to return their lists on time, however we seem to have about the same number year after year that are turned in late. We continue to use all available resources to remind property owners to turn in their assessment lists on time.