Bill > SB294

This bill modifies provisions relating to personal property taxes in Missouri, primarily focusing on how personal property will be assessed for tax purposes starting January 1, 2026. The key provision introduces a dynamic assessment method where political subdivisions must annually reduce the percentage of true value at which personal property is taxed, ensuring that the revenue generated from personal property taxes grows proportionally with real property assessment growth. This reduction process will continue until December 31, 2074, after which the assessment percentage will stabilize. The bill includes several important safeguards, such as ensuring that political subdivisions are not relieved from existing property tax levy adjustments and that real property assessment growth is calculated conservatively, excluding revenue increases beyond the consumer price index. For state constitutional tax purposes, personal property will continue to be assessed at 33.1/3% of its true value. Additionally, the bill provides that political subdivisions experiencing reduced tax revenues due to these changes may receive state reimbursement, subject to appropriations. The legislation also includes various technical amendments to existing property tax assessment procedures, such as clarifying inspection requirements, payment methods, and assessment guidelines for different types of property like manufactured homes and motor vehicles.

Labor and Employment

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=406