It's that time again -- April 15th, when Federal and State income taxes come due for another year.
So let's put those property taxes to work!
Boone County assessor candidate Barb Bishop would like to remind that property taxes are tax deductible and that senior citizens and disabled persons may be eligible for property tax and rent credits through the State of Missouri.
"I think it's important that government help keep people informed," Bishop said. "Part of that role is keeping people informed about government itself."
"The Missouri Property Tax Credit Claim gives credit to certain senior citizens and 100 percent disabled individuals for a portion of the real estate taxes or rent they have paid for the year," according to the Missouri Department of Revenue. "The credit is for a maximum of $750 and can only be claimed on the home they occupied during the period being claimed. The actual credit is based on the amount of real estate taxes or rent paid and total household income."
Now a tax credit is different from a tax deduction. A credit comes right off the tax owed.
A deduction comes off taxable income. Real estate and personal property taxes are deductible on Federal income tax form 1040.
"Real property taxes that are subject to state, local, or foreign property tax are deductible in the year you pay or accrue them," according to the IRS. "Personal property taxes are deductible if the tax is imposed on a yearly basis and is based on the assessed value of the property."
Not deductible: Taxes not based on the value of the property and local taxes imposed for the sake of improvement, such as for streets, sidewalks, and sewer lines.
For more information on property tax credits and deductions, please visit:
Missouri Property Tax Credit
Deductible Real Property Taxes
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2 comments:
The candidacy of Barbara Bishop for Boone County assessor is the brightest, happiest news that I have read in the pages of the Tribune lately.
Tom Schauwecker has held the position too long is is the most rude, crude public employee that I have ever spoken with. There are recordings of him cursing a citizen of this county. He is also the person responsible for collecting VIN #'s on our autos so that he can tax us more heavily.
That information gives him the ability to look at all the options listed on our autos and tax every one of them as they are listed on the sticker. With all the promotions offered by the car companies most people never pay that sticker price and so Schauwecker is taxing us for money that we never spent.
He is also holding a large amount of money aside from the taxes that he collects for his office use. He has set up his own little kingdom and has no respect for the people that he is supposed to serve.
It is time for ol' Tom to go!
This household will support Barbara Bishop's run for the office of assessor. Boone County deserves much better than it has in the assessor's office presently.
Anne in Boone
As a city alderman, when u make Kids World pave their parking lot like city ord says I'll voter for u. If u can't handle something for the city of Ashland how can u do it for Bo Co. Price Nichols
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