Bill > SB171

This bill modifies provisions relating to personal property taxes in Missouri, primarily focusing on how personal property is assessed for tax purposes. Beginning January 1, 2026, the bill establishes a gradual reduction in the assessment percentage of personal property's true value, starting with an annual three and one-third percent reduction until 2036, when personal property will be assessed at just three-tenths of a percent of its true value. The bill maintains the current thirty-three and one-third percent assessment rate for tax purposes related to a specific constitutional provision. The legislation also includes several technical provisions affecting how assessors determine property values, such as requiring physical inspections before significantly increasing property valuations, allowing for reclassification of property if its use changes, and specifying how different types of property (like manufactured homes and motor vehicles) should be valued. Additionally, the bill provides counties and cities with some flexibility in implementing these tax assessment changes, including an option to opt out of certain provisions. The changes aim to potentially reduce the tax burden on personal property owners while maintaining a systematic approach to property assessment.

Labor and Employment

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=324