summary
Introduced
01/08/2025
01/08/2025
In Committee
02/06/2025
02/06/2025
Crossed Over
Passed
Dead
05/16/2025
05/16/2025
Introduced Session
2025 Regular Session
Bill Summary
Replaces the property tax on real property with a sales tax
AI Summary
This joint resolution proposes a constitutional amendment to replace property taxes on real property (Class 1 property) with a sales tax in Missouri, to be implemented starting January 1, 2027. The resolution allows counties to impose a sales tax on property transfers at the same combined tax rate previously used for property taxes, with multiple payment options for taxpayers: they can pay the full amount upon transfer, pay 10% upfront and spread the remaining balance over 5, 10, or 15 years. For properties already owned as of January 1, 2027, taxpayers can choose to pay the calculated tax (based on the remaining mortgage balance) by December 31, 2027, or spread the payments over 5, 10, or 15 years. Financial institutions serving as mortgage servicers must pay their tax obligations from escrow accounts in a single payment. The resolution also includes a provision to prevent expanding sales taxes to new services or transactions beyond those existing on January 1, 2015, with an exception for real property purchases. The proposed amendment will be submitted to Missouri voters at the next general election in November 2026 or a special election called by the governor.
Committee Categories
Labor and Employment
Sponsors (1)
Last Action
Second Read and Referred S Economic and Workforce Development Committee (on 02/06/2025)
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=414 |
BillText | https://www.senate.mo.gov/25info/pdf-bill/intro/SJR7.pdf |
Analysis - Summary: Introduced | https://www.senate.mo.gov/25info/BTS_Web/Summary.aspx?SessionType=R&SummaryID=226&BillID=414 |
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