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Property Tax Reassessments: Do You Know Where Your Business Stands?

03.04.2019

In Missouri, 2019 is a property tax reassessment year. This could mean an increase in your tax liability. Real estate values are usually set in odd-numbered years, and they are held to the same value in even-numbered years, with a few exceptions. Understanding your property taxes will allow you to ensure your property value is being assessed accurately, which can keep your tax liability to a minimum.

Here are some key items to note as assessment notices go out this year:

  • Property tax assessment notices will be sent out during April and May. Notices should be reviewed immediately.
  • In most Missouri counties, notices will only be sent out if the assessed value is higher than the previous value. If the assessed value is lowered, or if there’s no change since the last reassessment, no notice will be sent.
  • Assessments should be made based on fair market value.
  • If you have made any substantial changes to a property, such as an expansion or new construction, a review can be particularly prudent.
  • Many factors impact the value of a property, including the age, deferred maintenance, changes in vacancy, or obsolescence. Additionally, shifts in the market or changing conditions of the surrounding neighborhood can affect a property’s value.
  • The deadline to begin an assessment appeal in Missouri will be either June 7, 2019 or July 9. 2019.

Every state has its own property tax laws, and managing property assessments in multiple states or jurisdictions can be especially challenging with differing deadlines and appeals requirements.

If you own commercial property, including apartments, industrial buildings, retail or hotels, an experienced property tax consultant with local market knowledge can review your property characteristics to identify potential savings opportunities. Our property tax experts can do a short review of your assessment, and work through the appeals process on your behalf.

To learn more about real estate taxes and business personal property taxes in Missouri or other states, contact Kevin Scoles, Director of the Real Estate Property Tax practice at Brown Smith Wallace, at kscoles@bswllc.com.

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