Bill > SB274

This bill modifies personal property tax assessment provisions in Missouri, introducing a complex mechanism for gradually reducing personal property tax assessments. Starting January 1, 2026, political subdivisions will be required to annually reduce the percentage at which personal property is assessed, with the goal of ensuring that personal property tax revenues grow proportionally to real property assessment growth. These annual reductions will continue until December 31, 2074, after which the assessment percentage will remain fixed. The bill includes several key details: a definition of "real property assessment growth" that excludes revenue increases beyond the consumer price index, a provision ensuring that certain constitutional tax levies continue to assess personal property at 33.33%, and a state reimbursement mechanism for political subdivisions that experience revenue shortfalls due to these new assessment rules. Additionally, the bill makes numerous technical modifications to existing property tax assessment procedures, such as clarifying inspection requirements for property assessments, allowing credit card payments for property taxes, and providing guidelines for assessing different types of property like manufactured homes and motor vehicles. The goal appears to be creating a more dynamic and responsive property tax assessment system that ties personal property tax revenues more closely to real property growth.

Government Affairs

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=300