Dear Taxpayer,
Some of you have called with questions regarding increased assessments on certain types of vehicles. I wanted to take the opportunity to explain how we determine the value of vehicles in Missouri and why a small number of vehicles have seen their values increase.
Every year, our office determines the value of cars, trucks, SUVs and other vehicles by identifying the trade-in value as shown in the October issue of the National Auto Dealers’ Association (NADA) Official Used Car Guide, as is required by Missouri state law. Typically, vehicle values go down from year to year. However, over the past two years, unique economic factors – such as lower gas prices and the Federal Government’s “cash for clunkers” program – resulted in higher market prices for some used cars, particularly light trucks and SUVs.
Because it is so unusual to see any jump in values, St. Louis County decided to postpone any increase on vehicle assessments in 2010. However, the NADA guide values for the 2011 tax cycle had continued to show an increase in value for these particular vehicles. My office then realized that this was not a one-time fluctuation. The State Tax Commission advised us that to comply with state law we must adjust these vehicles’ values for assessment purposes. The net result of this adjustment is a very small increase in personal property tax for a small number of St. Louis County vehicle owners. Click here to read the State Tax Commission letter.
I apologize for any confusion this may have caused. As you can imagine, I am not thrilled to be sharing this news, because I know that any potential increase for taxpayers – no matter how small – is of great concern during challenging economic times such as these.
I am committed to making sure that St. Louis County taxpayers are treated fairly. If you believe that the assessed value of your vehicle went up unfairly this year, please, contact my office so that we can advocate on your behalf before the Board of Equalization or the State Tax Commission. You can contact our Personal Property Division by calling 314-615-1500.
And as always, please don’t hesitate to contact my office if you have any questions or thoughts to share.
Sincerely,
Jake Zimmerman St. Louis County Assessor