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MO HB55
MO HB55Prohibits counties from charging interest on entire personal property tax liabilities when a taxpayer has made installment payments
summary
Introduced
01/08/2025
01/08/2025
In Committee
05/15/2025
05/15/2025
Crossed Over
Passed
Dead
05/16/2025
05/16/2025
Introduced Session
2025 Regular Session
Bill Summary
Prohibits counties from charging interest on entire personal property tax liabilities when a taxpayer has made installment payments
AI Summary
This bill modifies Missouri's law regarding personal property tax installment payments by prohibiting counties from charging interest on entire tax liabilities when a taxpayer has made installment payments on time. Specifically, the bill stipulates that if a taxpayer misses a single installment payment, the county can only charge interest on the specific amount of unpaid taxes for that year, rather than imposing interest on the entire tax liability. The bill allows counties to offer taxpayers the option of paying their property taxes annually, semi-annually, or quarterly, with payments based on an estimate from the previous year's tax liability. If a taxpayer overpays, the county must refund the excess amount, but no interest will be paid on these refunds. The law applies to counties (excluding township counties) and does not apply to financial institutions paying taxes from escrow accounts. This change aims to provide more flexibility and fairness in property tax payment methods by preventing punitive interest charges on the entire tax bill when only a portion of the installment is late.
Sponsors (1)
Last Action
Referred: Emerging Issues(H) (on 05/15/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
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State Bill Page | https://house.mo.gov/Bill.aspx?bill=HB55&year=2025&code=R |
Analysis - Summary: Introduced | https://documents.house.mo.gov/billtracking/bills251/sumpdf/HB0055I.pdf |
BillText | https://documents.house.mo.gov/billtracking/bills251/hlrbillspdf/0825H.01I.pdf |
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