Heads up Missouri taxpayers: 2025 is a reassessment year!

By Charles Young, Manager at Swartz and Associates

Every odd year, county assessors in Missouri may adjust property values – whether increased, decreased or unchanged – to align with market conditions. Fair market value is the price a willing buyer would pay a willing seller, neither being under any compulsion to buy or sell, and both having reasonable knowledge of relevant facts.

Missouri law requires assessors to use generally accepted appraisal practices.

To determine the fair market value of commercial properties, the income capitalization approach, comparable sales method, or replacement costs minus deprecation can be applied. Typically, comparable sales are used for residential properties.

Many homeowners in Jackson County, Missouri, were frustrated by the significant increases in home values during the 2023 reassessment year. Now let’s throw a lawsuit into the process! The Missouri State Tax Commission has ordered Jackson County to roll back 2023 all property assessment increases that were greater than 15 percent — roughly three out of four properties. At this point, it is unclear how this situation will be remedied as the county is still considering additional steps for the 2023 assessment year.

As for the current reassessment, according to a release from County Executive Frank White, property tax assessment increases for properties in Jackson County will be capped at 15 percent for 2025.

If you are a property owner in Jackson County, that is quite a bit to put your arms around. Swartz & Associates, Inc. is ready to guide you through these turbulent waters as we have decades of experience working with the county assessor’s office. Please contact us should you have any questions or would like to learn more about your options.

Swartz + Associates, Inc. (SAI) is a full service property tax firm specializing in the review, analysis and appeals of real and business personal property tax valuations. If you need help with your property taxes, give us a call!