Assessment notices are out now, Assessor says

Notices to property owners regarding reassessment were sent in the mail on Monday, according to Assessor Julie Rayl-Gilstrap.
Under Missouri Statute 137.115, county assessors and their offices determine new assessed personal property values by Jan. 1 of odd-numbered years, which will be applied on the following even-numbered year. This is an odd-numbered year, and thus the reassessment.
As Rayl-Gilstrap explained, all properties except farmland are valued as the property relates to the market. The office multiplies the appraised value, the price the property would bring if offered for sale, by the assessment ratio (the residential ratio being 19 percent, agriculture 12 percent, and commercial 32 percent) to find the assessed value, which is then divided by 100 and multiplied by the relevant tax levies to determine one’s tax bill.

Rayl-Gilstrap emphasized that her office does not set the tax levies, only the assessed values. Tax levies are dependent on the taxing entities, so tax bills may differ based on location.
The new assessed value, Rayl-Gilstrap, will most likely increase taxes this year. These tax levies are typically set around September, she said, and her office can give an approximation of what people may anticipate based on last year’s levies.

For more on this story, see Wednesday's LCR.