Personal property is assessed (valued) each year by the Assessor’s Office.
Personal property tax is collected in December by the Buchanan County Collector each year on tangible property (e.g. motorized vehicles, boats, recreational vehicles) owned on January 1st of that year.
State Statute 137.280 RSMo., requires each taxpayer to turn in a listing of their personal property, as of January 1, to the assessor between January 1 - March 1. Failure to submit a listing by March 1 can result in a late assessment penalty up to $105.
This statute only allows for six reasons the Assessor can defer the penalty:
- The taxpayer is in the military service and is outside the state
- The taxpayer filed timely, but in the wrong county
- There was a loss of records due to fire / flood
- The taxpayer can show the list was mailed timely as evidenced by the postmark
- The Assessor determines that no form for listing was mailed to the taxpayer for that year
- That neglect occurred as a direct result of the actions or inactions of the county