Real Estate

Why is reassessment required?

Per state statute 137.115 the Assessor shall annually assess all real Property at the percent of its true value in money. Under Missouri law, property tax assessments must be based upon market value and should be uniform. Over time, property values may change due to the location of the property, sales in the surrounding areas and other factors. Reasons for real estate value changes include, but are not limited to: New construction including new homes, additions, remodeling, or any improvement made prior to Jan 1, corrections to data and land value changes. Odd years are dedicated to reassessment, even years are dedicated to new construction.

What is market value?

Market value is the price that your real property would bring if offered for sale if you were not forced to sell and the buyer was not obligated to buy.

Is all property assessed at the same rate?

No, real property is assessed into three categories with separate rates. Personal property is classified into separate categories with varying rates. The assessed value of both real and personal property is calculated as a percentage of market value.

Rates for real property:

Residential 19%

Agricultural 12%

Commercial/other 32%

Rates for personal property:

Autos, boats, motorcycles, campers, etc. 33.33%

Farm equipment and livestock 12%

Historic vehicles 5%

When is personal property valued?

The Assessor sends out assessment lists at the end of each year. It is your responsibility to return that list to the Assessor’s office by March 1, listing the taxable personal property you own as of January 1 of that year. Under state law, there is no provision for prorating taxes for a partial year, and you may be penalized if the form is late.

Does the assessor visit my property?

Members of the assessor’s staff perform exterior inspections of all property. All staff members carry photo I.D.’s. A business card or note with our phone number will be left if no one is home.

Does the Assessor or staff have the right to come on to my property?

Missouri Statutes provide for access to the property by the Assessor and staff for assessment purposes.

Mo Rev Statutes Chapter 137 Sec 137.130. Whenever there shall be any taxable property in any county, and from any cause no list thereof shall be given to the assessor in proper time and manner, or whenever the assessor has insufficient information to assess any real property, the assessor or an employee of the assessor shall assess the property based upon a physical inspection or on the best information the assessor can obtain; and for that purpose the assessor or an employee of the assessor shall have lawful right to enter on any lands and make any examination and search which may be necessary to assess such real property only when the assessor is entering because no list of taxable personal property has been given.  The assessor or an employee of the assessor shall not enter the interior of any structure on any real property as part of the inspection to assess such property without permission. The assessor shall list, assess and cause taxes to be imposed upon omitted taxable personal property in the current year and in the event personal property was also subject to taxation immediately preceding three years, but was omitted, the assessor shall also list, assess and cause taxes to be imposed upon such property.

Will I be notified of an increase in my assessment?

The Assessor is required to send increase notices to the owner of record of real estate in the county. Notices are sent out the end of May each year if the value of your property has increased.

What do I do if I disagree with my increase in assessment?

1. Informal hearings: If you feel that the new value of your property is incorrect, call the Polk County Assessor’s office at 417-326-4346. If we cannot answer your questions by phone, you can schedule an informal hearing with an appraiser. The meeting must take place prior to June 28.

Changes in the market value of your property can only be made if you can provide information to show that our records are incorrect. Prior to meeting with an appraiser, you should determine what you believe to be the market value of your property and compile information, such as pictures, a recent sale of your property, or an appraisal of your property, to bring to the meeting as evidence of value.

2. Board of Equalization: If you and the appraiser are unable to reach an agreement as to the value of your property, you may appeal to the Polk County Board of Equalization. This can be done whether or not you have an informal hearing with an appraiser. The Clerk’s office provides a form to appeal to the Board of Equalization, and your completed form must be returned to the Clerk’s office before the third Monday in June. The Board of Equalization will hear your evidence of property value and the Assessor’s office during a scheduled hearing in July.
3. State Tax Commission: You have the right to appeal to the State Tax Commission by August 15 or within 30days after the Board of Equalization makes a final decision on your appeal, whichever date is later. Failure to file with the BOE prevents any further appeal to the State Tax Commission

Does the Assessor’s office set the levy rates?

No, the levies are set by each taxing district, which includes your school district, water district, sewer district, road district, ambulance and fire districts.