Personal Property Assessment lists are to be completed and turned into the Assessor between January 1 and March 1 of every year. The tax bill you receive at the end of the year reflects property owned on January 1 of the same year.
Personal Property that needs to be declared includes:
- Large Truck
- Recreational Vehicle
- Mobile/Manufactured Home
- Large Trailer
- Historical Vehicles
- Camper/Travel Trailer
- Conversion Van.
It is important that you list as specific information as possible (per instructions on your assessment list) pertaining to make, model, year, #cc's, tonnage, etc. to ensure proper and fair valuation.
Per (RSMo137.115), ..."the assessor of each county and each city not within a county shall use the trade-in value published in the October issue of the National Automobile Dealers' Association Official Used Car Guide, or its successor publication, as the recommended guide of information for determining the true value of motor vehicles described in such publication..."
All leased vehicles are subject to personal property tax. Some leases can be complicated. If you are leasing a vehicle, read the following carefully to avoid potential conflicts in reporting of vehicles and payment of taxes.
Responsibility for Taxes: The owner of the vehicle is responsible for payment of taxes unless otherwise agreed to in your lease. Review your lease, and call your leasing company if there is any doubt who is responsible for taxes.
If you pay the taxes: Some leases require you to pay the taxes on the vehicle. If this is the case, you need to list any leased vehicles on your assessment form so they will appear on your tax statement. Note: Be careful not to list any vehicles on which the leasing company is already paying the taxes.
If the leasing company pays the taxes: Many leasing companies pay taxes directly to the county collector for leased vehicles. In these cases, your monthly lease payments include an amount which is set aside for these taxes. Do not list your leased vehicle on the assessment form if the leasing company is paying the taxes.