Per Statute, agriculturally classed real estate is assessed at 12% of market value. This includes both land and buildings. As with all other real estate, agricultural properties are physically reviewed on an ongoing basis to verify that the information contained in our assessment files is accurate and up to date.
The Assessor is charged with assessing all properties at their "market value". A simple definition of market value is the price a property would bring when offered for sale by a person who is willing but not obligated to sell, and is bought by a person who is willing to purchase though is not forced to do so.
The State Tax Commission
The State Tax Commission does a quarterly evaluation of our sales to determine how our values relate to sales occurring in the marketplace. The State Tax Commission also does their own appraisals on properties that have not sold and then checks their determined values versus the values we have on the books to see if our assessments are in line with statutory guidelines.
The State Tax Commission determines the value of land for agricultural purposes, which then has to be approved by the Missouri General Assembly. These values do not generally reflect the market value of the land, but instead are based on the productivity of the land. The agricultural land productivity values are as follows: Current Agricultural Values
Residences located on farm parcels are separated out. Those acres that are separated out will be assessed at 19% of the residential market value.
Please visit our FAQ's Page for answers to the most common real estate questions.