Platte County Assessor's Office
Real Property Frequently Asked Questions
What is Real Property?
Real property includes land, improvements to the land and all rights inherent in ownership. When you receive an assessment notice or tax bill for your house, you will notice that land and improvements are listed separately. Improvements consist of any buildings located on that land (e.g. your house), as of the appraisal data.
What is Assessment and Reassessment?
Assessment is the process of placing a true value in money (fair market value) on property, for the purpose of property taxation. Real property is reassessed every odd year to ensure that property values reflect current market values.
When and how is real estate valued?
Missouri Revised Statute 137.115 requires that the Assessor reassess all real property every two years on January 1, in the odd numbered year. Real property is assessed into three categories with separate rates and is calculated as a percentage of market value. Assessed values are carried forward to the even numbered years except for new construction and property improvements.
|Real Property||% of Market Value|
As an example, a residence with a fair market value of $50,000 would be assessed at 19% which would place its assessed value at $9,500.
What is market value?
Fair market value is defined by USPAP as: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably and assuming the price is not affected by undue stimulus.
Commonly stated as: The estimated amount a property would sell for between a willing buyer and a willing seller, in an open market.
Will property values change due to reassessment?
All values are likely to change, but not all will change to the same extent. Market values increase more in some neighborhoods than in others. A major purpose of reassessment is to make sure that the new values reflect all changes that have occurred.Since property values are estimated from the sales of similar properties, values will change as the demands of buyers and sellers change. Some factors that affect market value are:LocationAgeStyleSizeEtc...
If no improvements have been made to my property, why should the assessed value increase?
Over time market demands change even if no improvements are made to the property. In an appreciating market, many people can sell their homes for more than they paid for them years earlier with no more than basic maintenance on the property. In a declining market, the opposite is true.
Will I be notified of an increase in my assessment?
If the Assessor proposes to increase the assessment of real property, the assessor shall, on or before the fifteenth day of June, provide a notice of the projected increase to the person owning the affected property. The notice will be sent by US Postal Service mail to the last known address of the property owner.
How does reassessment affect my taxes?
The assessed value of your property is used to determine your portion of real estate taxes paid to support local school and government services. It is important to you and to our office that your assessed valuation is accurate.
The amount of real estate taxes paid in Platte County is determined by tax levies set by local taxing authorities such as school, fire, library, hospital, and road districts, along with city and county taxing authorities. This is why it is important to be aware of any proposed changes in spending by your local schools or governments.
What is a tax levy?
A tax levy is a number determined by a taxing authority such as a school district used in calculating, from the assessed value, the amount owed to that taxing authority for that tax year. As government services and costs change, levies and taxes are recalculated to cover the costs of these services.
Does the Assessor's Office set the levy rates?
No, the assessor only values property.
What if I disagree with the assessed value on my property?
If you disagree with your property's valuation during any tax year, you may appeal by following these steps:
1. Informal Hearings: call or meet with an Appraiser prior to June 1. Please be prepared with documentation as evidence of the value you believe to be accurate, including information such as pictures, a recent sale of your property, or an appraisal of your property.
2. Board of Equalization: if you disagree with the Appraiser, you can appeal to the Platte County Board of Equalization (BOE). Appeal forms are available at the Assessor's Office and must be completed and returned to the Assessor's Office BEFORE the third Monday in June. The BOE will hear your evidence of property value during a scheduled hearing in July.
3. State Tax Commission: You have the right to appeal to the State Tax Commission by September 30 or within 30 days after the Board of Equalization makes a final decision on your appeal, whichever date is later.
When will I get my real property tax bill?
The Platte County Collector mails tax bills each November. Real estate property tax must be paid by December 31 to avoid late payment fees. If you have questions about your property tax bill, please contact the Platte County Collector's Office at (816) 858-3356.
Can I get a copy of county maps or map GIS data?
Current tax year Maps and ArcGIS data of Platte County can be purchased through the Assessor's office in Platte City, or accessed online through the GIS Portal.