Quick Answer: Do I have to pay personal property tax in Missouri?

Does Missouri have personal property taxes?

The short answer to why Missourians have to pay property taxes on cars, motorcycles, trucks and boats is relatively straightforward: Missouri state law says so. … And the proceeds from personal property tax go to the same places as real estate tax: Things like schools, fire districts or libraries.

How does personal property tax work in Missouri?

Personal property tax is a tax which is based upon the value of taxable personal property. … Every person owning or holding taxable personal property in Missouri on the first day of January, including all such property purchased on that day, shall be liable for taxes thereon during the same calendar year.

What happens if you don’t pay personal property tax on a car in Missouri?

If you become delinquent in paying your property taxes in Missouri, you could eventually lose your home after a tax sale. People who own real property have to pay property taxes. The government uses the money that these taxes generate to pay for schools, public services, libraries, roads, parks, and the like.

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What is subject to personal property tax in Missouri?

Personal property tax is a tax based upon the value of taxable personal property. Taxable personal property consist of motor vehicles, trailers, mobile homes, watercraft, boat motors, aircraft, livestock, farm machinery and equipment, agricultural crops and any other personal property not exempted by law.

How does Missouri calculate personal property tax on vehicles?

Personal property is assessed at 33 and one-third percent (one third) of its value. Taxes are imposed on the assessed value. Vehicle values are based on the average trade-in value as published by the National Automobile Dealers Association (RSMo 137.115. 9) [www.moga.mo.gov].

Does Missouri have personal property tax on vehicles?

Missouri’s vehicle property tax rate is among the highest in the nation, according to a recent analysis published by the finance website WalletHub. Among the 50 states and the District of Columbia, Missouri ranks 48 out of 51 on vehicle property tax.

How much is the personal property tax in Missouri?

Missouri law sets the assessment ratio for personal property at one-third of true value throughout the state. Real properties (land and buildings) classified as commercial and industrial, are assessed at 32 percent; residential, 19 percent; and agricultural, 12 percent of true or fair market value.

How is vehicle property tax calculated?

The tax rate for most vehicles is $4.57 per $100 of assessed value. For properties included in a special subclass, the tax rate is $0.01 per $100 of assessed value.

Do you pay property tax on a car?

Personal property tax

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These taxes are usually paid yearly based on the current value of your car. About half of all states charge a vehicle property tax, according to a 2019 WalletHub article. … If you owe an excise or personal property tax, you’ll generally be sent a tax bill and must pay by the deadline.

Do I need an inspection to renew my tags in Missouri?

To renew your license plates, you will need:

A Missouri safety inspection and/or emissions inspection certificate not more than 60 days old, if applicable; … The correct registration (license plate) and processing fee.

How do I know if I owe personal property taxes in Missouri?

Contact your County Assessor’s Office. For contact information, see the Missouri State Tax Commission website.

What is considered personal property in Missouri?

Personal Property – Tangible property that is not real property. This includes automobiles, trucks, farm implements, boats, office equipment, machinery and equipment.

Do you have to pay personal property tax on a UTV in Missouri?

In order to title and register your ATV and UTV, you will have to pay the following fees: State sales tax of 4.225 percent and any local sales tax due on the net purchase price (the purchase price less trade-in allowance or other allowance, if any).

What states have no property tax?

States With No Property Tax

State Property Tax Rate Median Annual Tax
California $3,818 $3,818
Alaska $3,231 $3,231
New Jersey $2,530 $7,840
New Hampshire $2,296 $5,388