What Kind of Missouri Property Tax Exemptions Can You Apply For?
Since the level of property taxes in Missouri is the third-highest in the whole country, it’s no wonder you want to learn about the Missouri property tax exemptions.
While Missouri isn’t a state with a low property tax rate, it does offer a useful tax exemption program that citizens can apply for. The issue is that learning about the exemptions you are eligible for takes a lot of time and research.
Property Taxes in Missouri—The Basics
Most people accept that they need to pay property taxes to their government without examining the whats and the whys. This is why the majority of citizens don’t know that they can lower their taxes if they try.
When you understand how property taxes work and why you need to pay them, you can find ways to apply for tax relief programs or learn tricks to use during the evaluation of your property so that your taxes aren’t as high as they would normally be.
When a tax assessor comes to your home, they calculate its market value. They take the following into consideration:
- Property’s size and value
- Your location
- Square footage
- Property usage
- Construction type
The market value of your property is then multiplied by the tax rate of your county or state to determine the amount on your tax bill. If you are granted any tax exemptions, the amount is included in the calculation to lower your tax bills.
What Is Property Tax Money Used For?
The Missouri Department of Revenue collects property taxes from all citizens who own some kind of property, whether a house or an apartment. Property taxes are the primary source of revenue for the state to fund its:
- Educational system
- Construction works
- Road maintenance
- Green areas
- Law enforcement
Missouri Homestead Property Tax Exemption—What Exemptions Does Missouri Offer?
If you’ve already looked into the types of tax reliefs, you will be familiar with these exemption programs:
- Homestead exemption
- Senior citizen property tax exemption
- Disabled citizens tax exemption
- Military veterans exemption
You may be surprised to learn that Missouri doesn’t offer tax relief programs that align with these popular types.
The Missouri Property Tax Credit Claim—the MO-PTC for short—is a single program that the state offers to certain citizens who wish to lower their tax bills.
The credit is a type of refund you get for the property taxes you pay. Here’s the maximum amount you can get in credit if you apply:
The specific credit you get is determined based on the amount you pay in taxes—both for renters and owners—and your household income (both taxable and nontaxable).
Tenants who rent from someone who does not pay property taxes in the first place are not eligible for the MO-PTC.
You can apply for the exemption online or in person. Here’s the contact information you need:
|MO-PTC Contact Information|
|Phone number||(800) 877-6881|
You can order an application form by calling the number in the table above or download it from the Missouri Department of Revenue website.
Can You Get a MO State Personal Property Tax Refund for Senior Citizens?
Senior and disabled citizens have the upper hand when it comes to getting a refund through the Missouri Property Tax Credit Claim, but age is not the only criterion.
Here is the income threshold for citizens who wish to apply for the MO-PTC:
|Citizen||Maximum Total Household Income|
|Single renter or part-year owner||$27,500|
|Married renter or part-year owner||$29,500|
Other eligibility criteria for Missouri Property Tax Credit Claim include being:
- An owner who pays real estate taxes
- A tenant who pays rent on the home they occupy and whose landlords pay property taxes
- A 100% disabled veteran whose disability is service-related
If you are applying for the MO-PTC based on the senior, veteran, or disability status you or your spouse have, you need to know which boxes to check in the form. Take a look at the table below for concrete information:
|The Box You Should Check||
You or Your Spouse Is
A veteran with a 100% service-related disability
Confused by the Missouri Property Tax Exemptions? Let DoNotPay Do the Work for You!
If you need help with your property taxes, DoNotPay has your back!
Even though states exempt certain citizens from paying a portion or the entirety of their property tax bills, most people don’t use this advantage. This is not strange as getting the information about how to apply, what exemptions you’re eligible for, and what documents you need to submit is all over the place.
DoNotPay has designed a platform that collects all the important information you need and stores it in one centralized place! By using it, you can find out what tax relief programs you are eligible for and apply for them right away instead of spending months researching the topic.
All you need to do is:
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- Give our chatbot essential information about you and your property
Our app will generate a clear-cut guide on which exemption programs you are eligible for, how to fill out the forms, and when you should apply!
If you don’t get a MO-PTC refund, no worries! The same feature in our app teaches you how to appeal your tax assessment without hassle!
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