Bill > SB87

This bill modifies the property tax assessment percentage for residential real property (subclass 1 properties) in Missouri, establishing a gradual reduction in the assessment rate over time. Currently set at 19% of true value, the bill introduces a phased reduction of one-fourth of one percent every two years, starting from tax years ending on or before December 31, 2025, until reaching 17% for tax years beginning on or after January 1, 2040. This means property owners will see a slow, incremental decrease in their property's taxable value over the next 15 years, potentially resulting in lower property tax bills. The bill also includes provisions for how assessors should handle property valuations, such as requirements for physical inspections when significantly increasing property assessments, methods for determining motor vehicle values, and guidelines for reclassifying property if its use changes. Additionally, the legislation provides details about assessment procedures for various types of property, including manufactured homes, and allows for some flexibility for counties in implementing assessment methods.

Labor and Employment

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=323