![]() ![]() For more information, here is a link to the Missouri DMV website. Part of your DMV fees are a personal property tax which is deductible on your tax return. Missouri Homestead Exemption – If you live in your property, you are allowed a $15,000 exemption if you declare a homestead in Missouri. Property Taxes in Missouri – the average property tax rate for residential property in the state of Missouri is 0.99%. Which puts it slightly below the national average of 1.08%. Like most states, Missouri has both a local and state sales tax rate. Their state sales tax rate is 4.225% and their local sales tax rate is 4.06% (which bring the total average sales tax rate to 8.29%). The state of Missouri has a flat Corporate income tax rate of 4.00% on all income regarding C Corporations. For other businesses that flow-thru entities, such as S Corporations, Partnerships, LLCs, etc., they are taxed at the individual income tax rate which ranges from 1.50% to 5.40% of your Missouri income. Louis, there is an additional local city income tax of 1.00%. ![]() Missouri Local Income Tax – The other thing to be aware of is if you are a resident of either Kansas City or St. In 2022 there are nine tax brackets that range from 1.5% to 5.4%. That means that it has different tax brackets. ![]() Missouri’s State Income Tax Rates are calculated on a marginal scale. State Taxes at a Glance – Missouri Type of Tax
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