Bill > SB85

This bill modifies property assessment procedures in Missouri by introducing several key changes. For properties with federal or state-imposed rent or operational restrictions (such as those with low-income housing tax credits), county assessors must now use an income-based approach to determine property value, specifically using direct capitalization methodology that divides the property's net operating income by an appropriate capitalization rate. The bill also restricts assessors from using computer programs to make final property value determinations if the assessed value would increase by more than 4%, requiring instead an in-person evaluation by knowledgeable personnel. Additionally, the bill enhances notification requirements for property owners when their property's assessed value increases, mandating that assessors provide detailed information about the potential tax impact, including projected tax rates, previous tax rates, and contact information for taxing entities. Assessors must also now disclose on their websites the specific assessment methods used and any third-party documents relied upon in determining property value, with provisions to help property owners without internet access obtain this information. These changes aim to provide more transparency and fairness in the property assessment process, giving property owners more insight into and opportunity to challenge valuation increases.

Labor and Employment

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=321