Overview
Annually, banks and other financial institutions pay a tax to the Department of Revenue. The tax rate is 7% of net income. As established by Missouri Law, §148.080 and §148.670, RSMo, the total amount of tax collected, less a 2% collection fee, is returned to the county treasurer of the county in which the financial institution is located. Along with this payment is a statement of the exact amount due each political subdivision in the county. Political subdivision that had a property tax rate levy includes any:
- Ambulance district
- Fire district
- Library district
- Sewer district
Group Combo
A "group combo" is the specific combination of political subdivisions in which each financial institution is located. The amount due each political subdivision is determined by applying the local property tax level to the total property tax levy for the "combo" area.
Distribution
This distribution occurs annually, in December, with interest earned in the fund over the year distributed in January.