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. In addition, there are about 50 economic development zones in the state, located in places where there is blight, unemployment, etc. In those areas, to attract employers, or encourage employers to expand, some property improvements are given tax abatements for a period of years. 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. Over time, the value of property may change, depending upon its nature, location, and other factors.
Some values change more rapidly than others.
Reassessment is the only way to be sure that the taxpayer is being taxed fairly, and is taxed the same as other comparable property. The county assessor is primarily responsible for assessing property within the county. The State Tax Commission is the state agency charged with general supervision of assessors and with enforcing property tax laws. Assessors are trained in all aspects of the assessment process including determining value using income approach, cost approach, and comparable sales approach. Assessors must participate in approved continuing education courses to remain certified with the State Tax Commission.