Bill > SB427

This bill modifies Missouri state law regarding the assessment of business personal property and certain stationary real property for tax purposes. The legislation establishes a standardized depreciation schedule for tangible personal property, using a method based on the property's original cost, class life, and recovery period as defined by federal tax guidelines. Each assessor must use this schedule to determine the assessed value of depreciable property, with depreciation percentages decreasing over time based on the property's expected useful life. Starting January 1, 2026, the bill expands these assessment rules to include specific types of stationary real property used for transportation or storage of liquids and gases (such as water, sewage, and natural gas infrastructure), applying a twenty-year recovery period to such properties. Taxpayers owning these types of properties will be required to provide detailed cost and service information to assessors annually, with the submitted information to be treated as proprietary. The bill allows taxpayers to challenge the assessed value with substantial evidence, such as professional appraisals or proof of economic or functional obsolescence, and requires the state tax commission to periodically review and potentially recommend changes to the assessment methodology.

Business and Industry

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=172