What Property Is Liable For Taxation?
In Missouri, all tangible personal and real property is subject to taxation with a few exceptions (see 137.075 RSMO). Some personal property is exempt, including household goods, inventories, wearing apparel and items of personal use and adornment. Exempt real estate includes property owned by governments, and property used as non-profit cemeteries, exclusively for religious worship, for schools and colleges, and for purely charitable purposes. In addition, there are about 50 economic development zones in the state, located in places where there is blight, unemployment, etc. To attract employers, or encourage employers to expand in those areas, some property improvements may be given tax abatements for a period of years. Otherwise, tangible personal and real property is taxable.
