Could rising used car prices take a bite out of your pocket book in form of higher taxes?
The rising price of used cars could mean higher tax bills this year, according to a letter sent to Clay County taxpayers on Thursday.
Clay County Assessor Tracy Baldwin said in the letter that he had told residents earlier this year that her intent was to freeze values of pre-owned vehicles after their prices have climbed due to a high demand and low supply of used cars.
Baldwin had made her intent known when he sent out an annual letter to taxpayers reminding them to declare their personal property.
“I, as the elected Assessor, wanted to do what I could to fight for the taxpayers of Clay County and intended to freeze those values for the 2022 tax year to help ease the tax burden of increasing property values,” he wrote in the latest letter.
The Missouri Tax Commission, however, notified Baldwin that would be inconsistent with state law, which requires all property to be assessed at its true value, Baldwin said.
The statute requires assessors to use the National Automobile Dealer’s Association Official Used Car Guide for the basis of assessing the value of new and used vehicles.
Baldwin said that while he took an oath to fight for “fair and equitable values” when he became assessor, he also swore to follow and uphold the state guidelines.
“This means that unfortunately, I will not be able to freeze values for the current year,” he said. “ I sincerely apologize for any confusion this may have caused and I will continue to do everything in my power to fight for the taxpayers of Clay County.”
Editor’s note: This story originally published using the wrong gender for Clay County Assessor Tracy Baldwin.
This story was originally published January 28, 2022 at 9:58 AM.
