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 Because 2010 is not a reassessment year for Missouri real property (i.e., your real property does not get revalued for tax purposes), Missouri property taxes in 2010 will be based on property values as of January 1, 2009. So if you own residential property, vacant or undeveloped land, apartments, commercial buildings, office buildings, etc. in Missouri and feel that this property has declinved in value since January 1, 2009, you should consider filing a property tax appeal challenging the 2009 valuation. The higher the property value, the higher the tax bill.
Given the current economic conditions in Kansas City, Missouri, it may not be that uncommon to have had significant fluctuations between the January 1, 2009 valuation and the January 1, 2010 valuation. The time to appeal your property’s valuation is now. An experienced Kansas City real estate attorney can help you with this process.
– ksmolawyer
Today, the House passed the Tax Extenders Act of 2009, which extends many taxpayer friendly provision for one more year (i.e., 2010). The Act extends more than forty provisions related to both individuals and businesses. These provisions encourage charitable contributions, provide community development incentives, provide tax relief in the event of a Presidentially-declared disaster, and support the deployment of alternative vehicles and alternative fuels. While most of these decisions have already been made for your 2009 tax year, knowing that these provisions will be around for another year will help you and your tax attorney make the right financial decisions for your future.
Some notable provisions are:
- The extension of the above-the-line deduction for qualified tuition and related expenses.
- The extension of the above-the-line deduction for certain expenses of elementary and secondary school teachers.
- The extension of 15-year straight-line cost recovery for qualified leasehold, restaurant, and retail improvements.
- The extension of 5-year depreciation for farming business machinery and equipment.
- The extension of tax-free distribution from individual retirement plans for charitable purposes (see my earlier post on the subject).
- The extension of the alternative motor vehicle credit for certain hybrids.
Kansas county tax appraisers have begun sending out notices relating to 2009 property tax. Specifically, these notices address how the property is classified and what is the assessed value of the property. County tax appraisers usually send these notices on March 1, 2009, but because of a computer problems these notices will be mailed out sometime in March.
Property owners who feel that their property has been wrongly classified, valued, or both may appeal the county tax appraiser’s determinations. Property owners must start this appeal within 30 days of the date the notice was mailed. For Johnson County, Kansas residents, this deadline date is March 30, 2009. A Kansas real estate attorney can assist you in determining whether an appeal is advantageous.
– ksmolawyer
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Because 2010 is not a reassessment year for Missouri real property (i.e., your real property does not get revalued for tax purposes), Missouri property taxes in 2010 will be based on property values as of January 1, 2009. So if you own residential property, vacant or undeveloped land, apartments, commercial buildings, office buildings, etc. in Missouri and feel that this property has declinved in value since January 1, 2009, you should consider filing a property tax appeal challenging the 2009 valuation. The higher the property value, the higher the tax bill.
