In Missouri, at what percentage of true (market) value is residential real property assessed for property tax purposes?
Correct Answer
D) 19% of true value
Under Missouri's property tax assessment system, residential real property is assessed at 19% of its true (market) value. This assessment ratio is established by Missouri law and is a state-specific figure that differs from many other states that assess at or near 100% of market value.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Many states have laws to limit how much property taxes can increase each year, regardless of market value fluctuations.
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
More Valuation Questions
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
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- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
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- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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