MARYVILLE, Mo. — As part of a statewide effort to reduce its Missouri real property tax liability, retail giant Walmart is seeking to have its assessed valuation reduced by 50 percent for the local Supercenter, a combination supermarket, department store and filling station complex located in the 1300 block of the South Main retail corridor.
A hearing before the county’s Board of Equalization, which consists of the three members of the Nodaway County Commission, has been scheduled for 10 a.m. Tuesday, July 16, at the County Administration Center, located on the northeast corner of Third and Market streets in Downtown Maryville.
According to documents filed with the county, the Walmart Real Estate Business Trust will be represented by Jerome Wallach of the Wallach Law Firm in St. Louis, which has been hired to handle similar requests before boards of equalization statewide.
The documents state that Wallach is requesting the valuation of the local store’s real property, which is classed as commercial, be lowered from $7.79 million to $3.9 million.
In Missouri, commercial property is assessed at 32 percent of its market value.
Documents state that the request to lower the valuation is based on Walmart’s claim that “the value placed on the property by the (county) assessor is incorrect.”
Nodaway County Assessor Rex Wallace is expected to attend the hearing and to argue before the board that the current valuation should in fact be raised, not reduced.
Should the board agree to lower the valuation by the full amount requested by Wallach, Walmart’s annual local real property tax bill would drop from $204,493 to $102,873, according to figures supplied by the county.
The resulting revenue loss would hit the Maryville R-II School District the hardest, reducing yearly income from Walmart real property taxes to just over $63,000, down from 2018’s total of $126,383.
Next on the possible revenue loss list is the City of Maryville, whose Walmart real property revenue total could drop from $21,407 to just under $11,000.
Additional potentially affected tax entities include Nodaway County, the Nodaway County Health Center, Maryville Public Library, Polk Township, the Senate Bill 40 Board (which allocates funds used to provide services for people with cognitive and developmental disabilities) and the Senior Citizens Fund.
Should the board reject Walmart’s request, or should the company dispute the board’s findings, Walmart has the right to appeal to the Missouri State Tax Commission, provided the appeal is filed by Sept. 30 or 30 days following the Board of Equalization’s decision, whichever comes latest.
There are currently 137 Walmart stores in Missouri including 109 Supercenters, 16 Walmart Neighborhood Markets and 12 Walmart discount department stores.
The addition of Murphy USA filling stations, which often operate in conjunction with Supercenters, and for which Wallach is also seeking reductions in assessed valuation, brings the statewide store total to 242.