Tax & Accounting Blog

Kansas and Missouri Property Tax Announcements

Blog, ONESOURCE, ONESOURCE Property Tax September 4, 2013

Kansas-No change to 2014 property tax interest rates

On 07/29/2013, the Kansas DOR announced that 2014 property tax interest rates will remain the same as the 2013 interest rates. The rates will remain as follows:

  • 6% interest on a taxpayer’s late payment of real or personal property taxes
  • 12% interest for late or underpayments of $10,000 or more
  • 4% interest for late unpaid portion of advanced payments
  • 2% interest rate applied when a county pays interest on refunds for payment under protests and equalization appeals or for tax grievance or clerical error refunds ordered by the Kansas Court of Tax Appeals
  • 6% interest rate applied when a county pays interest on refunds for clerical error refunds ordered by the county (Property Tax Interest Rates for Calendar Year 2014, Kansas Department of Revenue)

Missouri – Hotel valuation

In a recent case, the “Rushmore” method of valuation was upheld by the Missouri State Tax Commission as an appropriate method to use to value a hotel. This method of valuation requires income from all sources including food and beverage, laundry, gift shop, and other miscellaneous revenues to be included. (Rayman Columbia Center Trust v. Schauwecker, Mo. State Tax Commission, Dkt. No. 10-44589, 07/17/2013)