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      ASSESSMENT
Reassessment Frequently Asked Questions  

1) What are assessment and reassessment?

2) How often is property reassessed?

3) Why is reassessment necessary?

4) What is market value?

5) How is my assessment level established?

6) Will all property values change due to reassessment?

7) Will I be notified if there is an increase in my assessment?

8) How do I know what my house is worth?

9) How do you arrive at the land value?

10) What value is on my neighbor’s house?

11) What if I disagree with my assessment?

12) Will political subdivisions lower their levies?

13) How does reassessment affect my taxes?

14) When will we receive the bill?

15) What about my escrow account?

16) What relief is there for senior citizens?

17) Where can I find out about real estate tax abatement programs?

18) How do I apply for an exemption for my property?

 

1) What are assessment and reassessment?

Assessment is the process of placing value on property for the purpose of property taxation. Reassessment is an update of all real property assessments in the County, conducted by the County Assessment Department to equalize values among taxpayers and to adjust values to current market conditions.

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2) How often is property reassessed?

Real property is reassessed every odd-numbered year (2007, 2009, 2011, 2013 etc.). Personal property is assessed every year.

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3) Why is reassessment necessary?

Under Missouri’s Constitution, all assessments for property tax purposes must be based upon market value and be uniform within the same class or subclass of property.

Over time, the value of property may change, depending upon its nature, location, and other factors. Some values change more rapidly than others. Reassessment is the only way to be sure that the taxpayer is being taxed fairly, and is taxed the same as other comparable property.

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4) What is market value?

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

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5) How is my assessment level established?

Once the estimate of market value has been determined, the assessor calculates a percentage of that value to arrive at assessed value. The percentage is based on the classification, determined by the type of property or how it is used. The percentages are:

Real Estate 

 
 
 
 
 

Personal 

Residential 19%  Cars, Boats & Other  33-1/3% 
Agricultural  12%  Farm Equipment & Livestock  12% 
Commercial & All Other  32%  Historic Autos  5% 
    Grain  0.5% 

As an example, a residence with a market value of $50,000, would be assessed at 19%, which would place its assessed value at $9,500. An automobile with a market value of $10,000 would be assessed at 33-1/3% or $3,333.

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6) Will all property values change due to reassessment?

All values will not necessarily change, and not all changes will be at the same rate. Market values increase more in some areas than in others. A major purpose of reassessment is to make sure that the new values reflect all changes that have occurred.

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7) Will I be notified if there is an increase in my assessment?

The assessor is required by the statutes to notify the owner of record of any increase in the valuation of real property.

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8) How do I know what my house is worth?

Most people have a feel of the market in their area from talking to friends and neighbors. You may also want to use the tax search capabilities on our Web site to review like properties and sales information, or get assistance from the taxpayer assistance section at either courthouse.

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9) How do you arrive at the land value?

Land value was based on a comparison of sales in the neighborhood or in similar areas.

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10) What value is on my neighbor’s house?

Refer to the tax search capabilities on our website or get assistance from the taxpayer assistance section at either courthouse.

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11) What if I disagree with my assessment?

If you do not agree with your assessment, there are steps you can take in the appeal process. Remember that an assessment is based on current market value, and our objective is to establish the correct market value of the property. You should determine what you believe to be the value of your property and gather and present evidence that supports that value. Such evidence could include photographs, the recent sale of your property, a recent appraisal of your property.

a) Informal Appeals: If you are not satisfied with the 2013 market value placed on your property or you feel your reassessment notice is incorrect, you may file an informal appeal with the Assessment Department by calling (816) 881-4601 during regular business hours (8:00 a.m. - 5:00 p.m., Monday-Friday, excluding holdiays observed by Jackson County) or by filing such an informal appeal online at jacksongov.org/appeal on or before July 22, 2013.

b) Board of Equalization: You have the right to appeal the 2013 market value on your assessment to the Jackson County Board of Equalization (BOE).  Appeals to the BOE must be filed on or before Monday, July 29, 2013.

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12) Will political subdivisions lower their levies?

When the total assessed valuation in a political subdivision increases substantially, as often happens with a reassessment, it is allowed an increase in revenues to account for inflation, plus the revenues it receives from taxing new construction and improvements. Its governing body, after that, is required by the constitution to adjust tax rates downward. This is called a tax rate rollback. Jackson County has such a mandatory rollback. Local governments such as school districts, cities, and counties each set their own levies, and most are subject to the rollback. (The main exception is the Kansas City School District, which was made exempt to the rollback by constitutional amendment.) The exact impact upon your individual tax bill can not be calculated until this fall when state and local governments set their levies.

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13) How does reassessment affect my taxes?

It depends. An increase in assessed value does not necessarily equate to a corresponding increase in property taxes. Assessed value and the combined levies of the taxing entities which levy a tax on that particular property are used to calculate your tax. If levies increase, taxes may increase even if assessed values remain unchanged or decrease. It follows that, if levies decrease, an increase in assessed values may not cause an increase in taxes. One factor which can cause a decrease in levies is a rollback which was discussed in the previous example. Another is a voluntary reduction voted by the governing body.

An estimate of your taxes will be included in your reassessment notice.

The final tax levies are normally set during August. The final taxes due for your property can not be determined until the rates have been set by all of the local governments that tax your property.

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14) When will I receive my property tax bill?

Annual property tax bills will be mailed by December 1.

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15) What about my escrow account?

Mortgage companies typically pay tax bills in December and adjust your monthly payment for any changes needed. Call your mortgage company for specific answers.

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16) What relief is there for senior citizens?

Information about the Property Tax Credit (Circuit Breaker) is available by calling (573) 751-3505 or at the Missouri Department of Revenue Web site:
   www.dor.mo.gov/tax/personal/ptc/

The Senior Citizen Quad Payment Program gives Jackson County seniors the option to spread payment of their County real estate tax bills over four equal installments -- without interest or penalties applying. The installments are due December 31 of the tax year and then February 28, May 31 and August 31 of the following year.

CLICK HERE for more information.

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17) Where can I find out about real estate tax abatement programs?

Business Assistance Center in Kansas City, City Hall or the City where your property is located. More information is available through the City of Kansas City Business Customer Service Center and the KC Economic Development Corporation

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18) How do I apply for an exemption for my property?

Contact the exemption unit at (816) 881-3483. They will send an application to the taxpayer.

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