Bill > SB264

This bill modifies provisions relating to personal property assessments, primarily focusing on changes to how personal property is valued and taxed. Beginning in 2026, the bill reduces the assessment rate for personal property from 33.33% to 30% of its true value, meaning that a smaller percentage of a property's total value will be subject to taxation. The bill also introduces a new provision that starting in 2027, any increase in the aggregate valuation of personal property from one year to the next will not be counted as new construction, which could potentially impact how tax rates are calculated. Additionally, the legislation updates the guidelines for assessors in determining the value of motor vehicles, specifying that they should use a nationally recognized automotive trade publication (such as the National Automobile Dealers' Association Official Used Car Guide, Kelley Blue Book, or Edmunds) as recommended by the state tax commission. The bill provides detailed instructions for how tax rates should be calculated, adjusted, and reported, with the overall aim of ensuring transparency and fairness in property tax assessments across Missouri.

Government Affairs

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=216