Personal Property

About Personal Property

Personal property is every tangible thing, subject to ownership or part ownership whether animate or inanimate, other than money, and not forming part of or permanently affixed to real property, but does not include household goods, furniture, wearing apparel, and articles of personal use and adornment owned and used by a person in their home. Vehicles, boats, farm equipment, and livestock are examples of tangible personal property.

Individual

Individual property includes ATVs, automobiles, buses, campers, mobile homes, motorcycles, trailers, trucks, and watercraft (boats, boat motors and jet skis).

Business

Business personal property is tangible personal property used in a trade or business or used for production of income and which has a determinable life of longer than one year, except that supplies used by a business shall also be considered business personal property, but shall not include livestock, farm machinery, grain, and other agricultural crops in an unmanufactured condition.

Construction Work in Progress

Construction work in progress, which was previously assessed at 50 percent of its ultimate value before the equipment was placed in service, will now be taxed at its normal depreciated value, as determined by its life class, when it is placed in service.

Per Missouri Revised Statute 137.122, property is placed in service when it is ready and available for a specific use, whether in a business activity, an income-producing activity, a tax-exempt activity, or a personal activity. Even if the property is not being used, the property is in service when it is ready and available for its specific use.

Agricultural

Agricultural property may include farm machinery and attachments, grains and livestock.

Determining What You Need for Personal Property

Find out if you should declare personal property, or are eligible for a Certificate of Non-Assessment/Tax Waiver (PDF).