Missouri property is assessed at what percentage of market value?
Correct Answer
B) 19% for residential, 32% for commercial, 12% for agricultural
Missouri uses different assessment ratios: 19% of market value for residential, 32% for commercial/industrial, and 12% for agricultural property. The tax levy is then applied to the assessed value.
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Related Topics & Key Terms
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Related Concepts
Condominium ownership involves owning a unit of airspace within a multi-unit building plus an undivided interest in the common elements shared with other unit owners. Each unit is separately taxed and financed.
In a cooperative (co-op), the building is owned by a corporation, and residents purchase shares of stock in the corporation that entitle them to a proprietary lease on a specific unit. Residents are shareholders, not property owners.
Fee simple absolute is the highest and most complete form of property ownership, giving the owner unrestricted rights to use, possess, enjoy, and dispose of the property. It is of unlimited duration and fully inheritable.
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