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. This year, as in the prior two years, several economic factors have resulted in higher market prices for several models of used cars, light trucks and SUVs.
The State Tax Commission has 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 some St. Louis County vehicle owners. Click here to read the State Tax Commission letter.
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.
St. Louis County Assessor