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County Commission Univ. of Missouri Extension (Audrain Co. office)
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Frequently asked questions about taxes: Why do I have to turn in a personal property listing if I have the same items as last year? Because
of the January 1, assessment date, our experience shows that
many people trade vehicles in January. By the next January,
they have had that vehicle a year, so they think they have the same
vehicles as the previous year, when their list really has had changes.
Livestock numbers and grain usually changes each year, also. With
over 165,300 articles of personal property in Audrain County, it is
impossible
to "lookup" all these items in addition to placing a value
on each one, in the allotted time between January and May each year. Why does my real estate value change when I haven’t sold it or made any changes? Real
estate is an investment and we all hope that our investments gain in
value over the years, and for the most part,
if taken care
of, they
will be worth more in the future. In Missouri the local property
tax system is based on the true value in money of all property,
so when
property values increase, your assessment should increase also.
By the same token, if values decrease, then assessments decrease
also, for the given period. Why does my tax bill always increase? Several
factors decide if and when your taxbill will increase, beside the assessed
value. Levy increases
are voted for, by the
people,
for schools, hospitals, libraries, road districts, etc. Many
times even
though a certain amount is voted, the district, may decide
that the entire levy amount is not required and voluntarily lower
their levy
until more funds are needed. The next year they may use the
entire levy amount approved by the voters, so it appears that their
taxes increased without a vote, when in reality they paid
less in the previous
year than had been approved. When you purchase additional
or newer vehicles, your taxbill will increase because the value of
your property has increased. Doesn’t the license bureau tell you when I trade vehicles? No,
the license bureau does not give us any information on vehicles traded
or purchased. Their
only function that
relates to the
assessor’s
office is that they are required to see proof that you
have paid your prior year’s taxes on the vehicles
that are being renewed. We receive a printout from the
Dept. of Revenue
once a year
showing the
taxpayers for our county. What does a Notice of Change in Assessed Valuation really mean to me? Whenever the value of a property is increased, we are required by statute to notify you of this increase and allow you an opportunity to discuss the value with the assessor and appraiser. This increase may, or may not, result in an increased taxbill, depending on the size of the increase in assessment. You also have the opportunity to appeal the value to the Board of Equalization, and the State Tax Commission, and ultimately to the Supreme Court if you desire. Most differences are resolved at an informal meeting between the taxpayer and assessor’s office. The assessment process requires us to value real estate within 5% of the market value of that property. Properties that have not sold are the most difficult, because they haven’t had a price tag put on them. In those cases, we have to search for sales of similar properties and apply adjustments to arrive at a reasonable value on the subject property. When you discuss the value with the assessor’s office or any of these others, you need to have documentation, as to why the value should be different, and present this so it can be considered. |
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