Personal property includes automobiles, motorcycles, boats, trailers, mobile homes, airplanes, livestock, farm machinery, business equipment, etc. Personal property is based on what you own January 1st. The bills are made based on the assessment sheet you turned into the assessor’s office. You should claim your personal property in the county you resided in January 1st.
Receipts for personal property are needed when you buy a new vehicle or renew tags. Please check your statement to make sure your property is listed correctly. The license bureau will check to make sure your receipt matches what you are renewing.
FREQUENTLY ASKED QUESTIONS
“I purchased a vehicle in the middle of the year. What tax receipt do I need to take to the license bureau?”
The license bureau requires you to take the previous year’s receipt when licensing a new purchase. Since personal property taxes are based on January 1st, your new vehicle will not have to be listed. Please remember to add any new property to your next year’s assessment sheet.
“How is personal property valued for taxes?”
The assessor’s office places a value on the personal property. Roughly 1/3 of that value is used as the assessed value. The assessed value is used with the tax rate to figure the tax amount. The more expensive the property, the higher the taxes will be. You may contact the assessor’s office at 573-564-2445 for questions or concerns.
“Why are my taxes higher this year?”
Voter approved levy increases (such as new fire districts or school bond issues) will affect the tax rate, therefore your tax amount. In April 2016, voters approved an increase for the Montgomery County ambulance district. New vehicle purchases or replacing older vehicles with newer ones can also raise the value.
“I did not receive my tax bill, why should I pay late fees?”
According to state law, failure to receive a bill does not relieve the taxpayer of his/her obligation to pay the taxes when due. Tax statements are mailed by mid-November to the last known address on the assessor’s books. It is important to notify the assessor if you move, as forwarding orders with the post office expire. Please contact us if you have not received a bill by December 1st.