Ultimate Clark County Real Property Tax Guide for 2024

Guide Overview

With this article, you can learn valuable information about Clark County property taxes and get a better understanding of things to anticipate when it is time to pay. If you are already a resident, planning on it, or just planning to invest in Clark County, read on to get a grasp of what to anticipate.

Average Property Tax Rate in Clark County

Based on latest data from the US Census Bureau

Clark County Property Taxes Range

Clark County Property Taxes Range

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Based on latest data from the US Census Bureau

You May Be Charged an Unfair Property Tax Amount

Maybe you’re unaware that a property tax levy may be bigger than it should be due to a distorted evaluation. This may take place given appraisal market values are set collectively in groups, i.e. like properties are combined and given the same estimated value with no onsite inspection. In addition, appraisers can make miscalculations. With any potential overassessment, it’s time to quickly gather up the facts and think about submitting a formal appeal.

If you’ve gotten a refinancing loan recently, be sure identical assessments haven’t been imposed. Carefully scrutinize your assessment for all other potential errors. Every taxpayer’s bill is accessible to all viewers on the internet. Compare the assessed value with similar community properties, notably recently sold. As well take into consideration the possible significance of current market trends on sale prices overall.

Even if you’re unsure whether or not your bill is too high, take action right now. A no-brainer or unsure whether to go ahead with an appeal or not, don’t worry. There are professionals well equipped to challenge levies for you at no peril to you, no out-of-pocket expense. There’ll be more details to follow.

What Is a Tax Protest Procedure?

You may protest your county’s appraisal of your real estate tax value if you suspect it is higher than it ought to be. The county is the entity that evaluated the property and it will review your protest.

You can find the required protest procedures and the documents on the county’s website or at the county tax office. Study the process attentively prior to filling out the documents. If you don’t adhere to the procedures completely, your appeal may not be heard.

The county will mail you a notification of the property tax assessment and the amount of time you have to file your appeal. If you don’t make that time window, you might give up your right to appeal the appraisal.

You will be better prepared if you have a full copy of the appraisal report from the county. The appeal may hinge on this. If the assessment method wasn’t followed properly or inappropriate comparable properties were used, you may have a compelling case for a reassessment.

You might not be required to undergo the official protest process if the facts are clearly in your favor. If not, you will have to make a comprehensive submission to the county review board. You’re going to have to show that the tax valuation given to your property is wrong. High property tax rates and rapid real estate value growth in your neighborhood are not appropriate reasons to appeal.

The posted information should include how you should appeal the county’s decision at the state level if you are sure it is wrong. If the case requires going to court, you may need help from one of the best property tax attorneys in Clark County MO.

Any real property owner can challenge a tax valuation. Prior to doing so, consider what the assessment actually does to your yearly property tax bill. Determine your real property tax bill, incorporating any exemptions that pertain to your real estate. Then question if the amount of the increase justifies the work it requires to challenge the valuation.

How to Get Your Taxes Reduced for Free?

Pay only if you achieve a tax reduction when you sign up with protest firms on a contingent fee basis. You’ll incur a service charge depending on any tax savings. With no positive results, you don’t pay at all!

Appeal firms are encouraged to fully investigate your bill, prep for and take part in hearings, ferret out mistakes, discover missing exemptions, and prepare for any legal action. Protest businesses are often retained to focus on numerous existing exemptions proven to be exceptionally intricate and litigious.

Two customary methods for appraisal revisions are mostly used to back up appeals. A re-evaluation frequently incorporates either a “sales comparison” or an “unequal appraisal” review. While both undertaken in the same neighborhood, sales comparisons rely on recent sale prices while unequal appraisals target similar properties’ estimated values differences.

Area unaffiliated appraisal firms that focus on complete assessments often use the sales comparison process. An in-person investigation of the property is routinely needed. Undertaken by State-licensed appraisers, such reassessments are virtually incontrovertible. Revisions can only follow from, once again, a whole re-appraisal. This method estimates a subject property’s fair market worth using current comparable sales figures from other similar real property in the neighborhood.

The unequal appraisal routine is used to expose opportunities for tax decreases even if appraised values don’t exceed existing market values. By locale, a report of properties that are nearly equal in appraised market value is assembled via an automated process. Next, a comparison of those properties’ tax billing amounts is completed. Material inconsistencies, (like if properties’ assessments exceed by at least 10% of the sample median level) are flagged for more analysis. Note that rather than an upfront service fee, clients typically pay on a percentage basis — only if they get a tax saving.

Select a company that suits you in the directory featuring the best property tax protest companies in Clark County MO.

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How Does Clark County Real Estate Tax Work?

Granted authority by the state, local governments control real estate taxation. Typically taxing entities’ tax levies are combined under the same notice from the county. Collections are then dispensed to associated parties as predetermined. Overall, there are three stages to real property taxation, namely: creating tax rates, evaluating market value, and then receiving the tax.

Counties and cities as well as thousands of special purpose districts are given taxing authority given by Missouri law. These entities are legal governmental districts operated by officials either appointed or voted in. These entities operate within defined geographic area, for example a recreational park or hospital district.

The city’s carrying out of property taxation must not infringe on the state’s statutory rules. All property not falling under exemptions must be taxed equally and uniformly on a single present market value basis. Taxpayers must also be given a prompt notice of levy rises.

While observing constitutional limitations prescribed by statute, the city sets tax levies. As will be covered further, appraising real estate, billing and taking in payments, conducting compliance efforts, and working out disagreements are all reserved for the county.

The present fair market value of real estate located within your city is computed by Clark County assessors. Once more, the state sets directives concerning assessment methodologies. This helps to make sure real property appraisals are mainly performed equitably. Here, potentially misapplied estimating methodologies and simple mistakes are often productive areas for challenges.

With plenty of variations, there are three main appraisal methods for evaluating real property’s worth. The Sales Comparison approach involves contrasting current similar houses’ selling prices in the same area. The Income Capitalization approach predicts current value based upon the property’s estimated income generation plus the property’s resale value. A Cost Approach also is mainly a commercial real estate worth computation method which adds the land worth to the expense of replacing the building.

Generally every three years at a minimum a county assessor re-examines and considers to revise property’s estimated market value. A reassessed market value is then taken times a combined levy from all taxing entities together to calculate tax assessments. These taxing units include cities, county, school, and other special purpose districts such as water treatment plants, athletic parks, and educational facilities.

Who and How Determines Clark County Property Tax Rates?

In compliance with the state’s laws, property appraisals are carried out by counties only. These estimates must be recorded without consideration for revenue impacts.

State law mandates all real estate be re-assessed at least once within a few years. Commonly, assessors lump together all like properties located in the same neighborhood and collectively apply one-fits-all assessment measures. Any unique property value discounters, like a severely wind-damaged roof, will be lost with you forfeiting a potential tax reduction.

For properties previously listed, assessors begin by bringing the tax rolls (property listings) up to date. These lists held a description of all properties by address. They were categorized based upon various factors, such as size, use, and construction type. Other elements such as age and location were also factored in when forming these groups by class, which then had market values assigned all together. These days, without a new visit, using often outdated, possibly inaccurate information — with only recent property sales numbers being current — assessors have to rely upon those collectively attached estimated market worth.

Dictated by state law, this procedure is intended to allot the tax burden in an even manner throughout Missouri with balanced property tax rates. It’s not hard to imagine, however, that with this mass approach, miscalculations of omission and commission are inevitable! Grounds for contesting live here!

The city as well as every other in-county governmental taxing district can now compute needed tax rates since market worth totals have been recorded. A composite rate will produce expected total tax revenues and also generate each taxpayer’s assessment amount. In this mainly budgetary undertaking, county and local governmental administrators estimate yearly spending. Next, it’s a matter of determining what tax levy will give rise to the required tax receipts. In theory, at least total proceeds will equal the fund required for all previewed operations that year.

In Missouri there are a lot of community-based governmental entities from counties to cities to special purpose units. All of them individually set the needed tax levy to cover their budgeted spendings. Nearly all the sub-county entities have arrangements for the county to bill and collect their tax.

Both regularly planned and previously unscheduled public hearings usually play a prominent part in this budgetary system. Keep in mind that under state law, taxpayers can elicit a vote on proposed rate hikes above established limits.

The city must observe stipulations of the state Constitution in establishing tax rates. Actually rates must not be increased until after your city conveys notice of its plan to contemplate an increase. Also a public hearing on any proposed raise should take place before any increases.

If Clark County property tax rates are too high for your wallet causing delinquent property tax payments, consider taking a quick property tax loan from lenders in Clark County MO to save your home from a potential foreclosure.

What Are Clark County Real Estate Taxes Used For?

Property taxes have customarily been local governments’ very own domain as a revenue source. They’re a funding anchor for governmental services used to maintain cities, schools, and special districts, including water treatment stations, public safety services, recreation, and more.

The number and importance of these governmental services relying on property taxpayers can’t be overstated. It generally accounts for the largest portion of general revenues in these municipalities. In addition to the county and its cities, various specific-purpose entities, e.g. college districts, sanitation authorities, and more, are among this revenue’s many beneficiaries.

Normally, local school districts are a major draw on property tax funds. Another big slice is required for city and other governmental employees’ wages and benefits. Maintaining police and fire safety is another significant need. Additional burdensome responsibility are public transportation and road construction, followed by upkeep and rebuilding. Water and sewage cleaning plants lead the way in sanitation problems, similarly to hospitals in healthcare. Parks, recreational trails, sports facilities, and other recreation areas are offered within the community. With all this, it’s no surprise why tax assessments are often so high.

How Are Property Taxes Handled at Closing in Clark County?

Customarily entire-year real property taxes are paid upfront a year in advance. That creates the question: who pays property taxes at closing if it concludes mid-year? When buying a house, at final settlement, homeownership is transferred from sellers to purchasers. At the same time, responsibility for paying taxes shifts with that ownership transfer. Thus, the new owner will be settling up the seller for the post-closing part of the tax.

Paid-in-advance tax refunds don’t customarily take the form of straight-through reimbursements to the former owners. Instead, the mortgage holder, closing lawyer, or escrow agent will include that prepaid tax with other buyer financial obligations on final settlement.