Thousands of Missourians have taken a look at their latest property tax assessment and have become instantly unhappy. Property is reassessed in Missouri every two years. This is one of those years. Property values are up, meaning the taxes are up even though the tax rate remains the same.State Tax Commission Chairman Bruce Davis says the property tax is the mainstay of local government financing. It’s expected to generate $5.2-billion for local services and agencies. Davis points out the corporate and income taxes go to the state. The sales tax stays local. Some people advocate eliminating the property tax. Davis says that would have severe consequences to taxpayers, because to make up the lost income, government would have to double income and corporate taxes and increase the sales tax by at least eight cents. Twenty years ago, residential taxpayers carried 38% of the property tax burden. Now, they carry 48%, because farmland and commercial property is bearing less of the burden. Davis calls the property tax the most unpopular and the most misunderstood of all state and local taxes.
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