According to my research:

Taxation in Missouri involves property assessments based on market value. Real property, including residential and agricultural land, is assessed at certain percentages of its true value in money. Residential property is assessed at 19%, agricultural/horticultural property at 12%, and all other property at 32% of its true value. Personal property is generally assessed at 33.3% of its true value. Assessments are conducted on January 1st of each year for personal property and every odd-numbered year for real property. The State Tax Commission oversees the assessment process, ensuring fairness and uniformity within property classes[1][2][3].

For example, to calculate estimated property taxes for residential real estate in Missouri, you would multiply the estimated market value by the assessment rate (19%) to get the assessed value. Then, divide the assessed value by 100 and multiply by the total tax rate to find the estimated tax bill[4].

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