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MO HB55

MO HB55
Prohibits counties from charging interest on entire personal property tax liabilities when a taxpayer has made installment payments


summary

Introduced
01/08/2025
In Committee
05/15/2025
Crossed Over
Passed
Dead
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)

bill text


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