The Missouri Real Property Certificate of Value (MRC) is a document issued by the Missouri Department of Revenue that certifies the market value of real estate in Missouri. The certificate is used to assess the value of real estate for tax purposes. It is used by assessors to determine the taxable value of real estate for the purpose of taxation. The MRC is also used by lenders, buyers, and sellers to determine the market value of a property. There are two types of Missouri Real Property Certificate of Value: the Standard Certificate of Value and the Specialized Certificate of Value. The Standard Certificate of Value is used to value most basic residential properties, while the Specialized Certificate of Value is used to value commercial properties, vacant land, and other more complex real estate. Both certificates include information such as the owner's name, address, parcel number, sale date, purchase price, and assessed value.
Missouri Real Property Certificate of Value
Description
What Is a Real Property Certificate of Value?
A Real Property Certificate of Value (CV) is an official document used in various jurisdictions within the United States to provide detailed information about the transfer of title on a property. This certificate usually includes data such as the purchase price, property description, and date of transfer, all of which are essential for legal documentation and tax purposes.
Key Elements of the Real Property Certificate of Value
- Purchase Price: The total amount paid for the property.
- Property Description: Detailed description including location, size, and any pertinent features.
- Date of Transfer: The official date when the property changed ownership.
- Identifying Information: Data about the buyer and seller for records.
Step-by-Step Guide to Obtaining a Real Property Certificate of Value
- Identify the Local Authority: Determine which local government office handles property records in your area.
- Prepare Required Documentation: Gather necessary documents such as a government ID and proof of property ownership.
- Submit the Application: Fill out the required forms, sometimes available online, and submit them either digitally or in person.
- Pay Any Applicable Fees: Cover the costs associated with the application, which can vary by jurisdiction.
- Receive Your Certificate: After processing, the certificate will either be mailed to you or made available for pickup.
Risk Analysis for Neglecting a Real Property Certificate of Value
Failing to obtain or accurately complete a Real Property Certificate of Value can lead to several legal and financial complications, such as:
- Tax Discrepancies: Incorrect property value might result in tax assessments that are either too high or too low.
- Title Issues: Impedes the transparency in the change of ownership, potentially causing title disputes.
- Penalties: Non-compliance with local regulations might result in fines or legal challenges.
Pros & Cons of Real Property Certificate of Value
- Pros:
- Ensures legal compliance with property transfer laws.
- Provides a clear record for taxation purposes.
- Facilitates smoother property transactions.
- Cons:
- Might involve bureaucratic processes and fees.
- Requires staying updated with changing local regulations.
FAQs About Real Property Certificate of Value
- Who needs to obtain a Real Property Certificate of Value? Anyone involved in the purchase or sale of property in jurisdictions that require this document.
- Is there a standard fee for obtaining the certificate? No, fees can vary significantly between different counties and states.
- Can the Real Property Certificate of Value be contested? Yes, if there are inaccuracies in the document, it can be challenged legally.
How to fill out Missouri Real Property Certificate Of Value?
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FAQ
The market value of your property is multiplied by the statutory level of assessment. Residential property is assessed at 19% of market value, Agricultural at 12% and Commercial & all other at 32%.
This includes your home, land, farmland, and commercial property. When a tract of land is sold, a deed or document must be filed in the Recorder's office.
To search for a lien filed by the Missouri Department of Revenue you may access or contact your county Record of Deeds office.
If a property is in a commercial zone, is residential allowed? Yes. With the exception of the J-Industrial District where new housing is only allowed if 40% of the frontage library.municode.com is already residential, residential uses are permitted.
Once market value has been determined, the Missouri assessment rate of 19% is applied. That means that assessed value should equal to 19% of market value. For example, if your home is worth $200,000, your assessed value will be $38,000.
Real Property ? this includes land, improvements to the land and all rights inherent in ownership. Personal Property ? this is any property that is not real property, and is not permanently affixed to or part of real estate. Personal property includes cars, boats and farm equipment.