For most real estate owners, nothing. However, if new construction, rehabilitation or renovation have taken place, the property's market value is adjusted to reflect the added value of the new construction. The total value is based upon the market conditions as of January 1 of the preceding year. When you receive an assessment notice or tax bill for your house, business property, etc., you will notice that land and improvements are listed separately. Personal Property - any property that is not real property, that is, not permanently affixed to part of real estate.
Personal property includes cars, boats and farm equipment, and business assets.
Some personal property is exempt, including household goods, inventories for sale, wearing apparel and items of personal use and adornment. For most people, a car is the only taxable item of personal property in Missouri. Exempt real estate includes property owned by governments, and property used as non-profit cemeteries, exclusively for religious worship, for schools and colleges, and for purely charitable purposes. However, exemption is not automatic, and it is the responsibility of the property owner to show the property should be exempt from ad valorem taxes. Under Missouri's Constitution, all assessments for property tax purposes must be based upon market value and be uniform within the same class or subclass of property.