5 Things You Need to Know About Jackson County Personal Property Tax

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When it comes to paying taxes, it’s easy to get confused and overwhelmed. And personal property taxes can be particularly confusing. If you live in Jackson County, Missouri, here are five things you need to know about the county’s personal property tax.

1. What is personal property tax?

Personal property tax is a tax on movable property, such as vehicles, boats, and trailers. It applies to any personal property that is registered in Jackson County.

2. How is personal property tax calculated?

The amount of personal property tax you owe is based on the value of your property. In Missouri, the assessed value of your vehicle is 33.3% of its fair market value. So, if your car is worth $10,000, your assessed value would be $3,333.33.

Then, the personal property tax rate is applied to your assessed value. In Jackson County, the personal property tax rate is currently set at $2.20 per $100 of assessed value. So, if your assessed value is $3,333.33, your personal property tax would be $73.33.

3. When is personal property tax due?

Personal property tax in Jackson County is due by December 31st each year. If you don’t pay your personal property tax on time, you may be subject to penalties and interest.

4. What happens if you sell your property?

If you sell your property, you are responsible for paying personal property taxes up until the date of sale. If you buy a vehicle or other personal property, you will owe the personal property tax from the day you purchase it.

5. Are there any exemptions?

There are certain exemptions for personal property tax in Jackson County. For example, military personnel who are stationed in Missouri but are not residents of the state are exempt from personal property tax. There are also exemptions for certain types of property, such as household goods and livestock.

In conclusion, understanding Jackson County’s personal property tax can help you avoid confusion and penalties. Remember to pay your personal property tax by December 31st each year and be aware of any exemptions that may apply to you.

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