Bill > SB725

This bill modifies provisions relating to personal property taxes in Missouri. Key provisions include: - Beginning in 2025, political subdivisions must annually reduce the percentage of true value at which personal property is assessed until 2073, such that the revenue generated from personal property taxes grows at the same rate as the growth in revenue from real property assessments. This is intended to provide tax relief for personal property owners. - Notwithstanding the above, personal property used for the tax levied under the Missouri Constitution will continue to be assessed at 33.33% of true value. - Political subdivisions that see a decrease in total real and personal property tax revenues below the allowable amount due to these changes will receive reimbursement from the state. - The bill also makes various other changes to the assessment and treatment of personal and real property for tax purposes.

Budget and Finance

https://www.senate.mo.gov/24info/BTS_Web/Bill.aspx?SessionType=R&BillID=182