When is the Missouri personal property assessment list due?
March 1. Missouri assessors list and value tangible personal property as of January 1, and a taxpayer who has not returned the assessment list by March 1 is assessed a penalty on the tax bill, scaled to the value of the unreported property. If the assessor sends a second notice between March 1 and April 1 and the list comes back before May 1, the penalty does not apply. Our equipment appraisals give you the cost and condition record that a value challenge rests on.
How do Missouri courts divide personal property in a divorce?
In whatever proportions the court deems just. Missouri is an equitable distribution state, not a community property state, so the court sets aside each spouse's separate property and then divides the marital property and debts as it finds fair. The statute names no valuation date, and Missouri case law has treated the trial date as the proper one, so an appraisal of vehicles, collections, household goods, or a business interest prepared close to the hearing gives the court current figures.
Do I need a Missouri-licensed appraiser to value personal property?
No. Missouri's appraiser licensing law makes it unlawful to act as a real estate appraiser without a license, and it says nothing about coins, firearms, equipment, vehicles, or other personal property. For those, courts and the IRS look at the appraiser's qualifications and the report itself. Our appraisers hold credentials with organizations such as ASA, ISA, and NEBB (CMEA), and every report follows USPAP.