Bill > HB43

This bill modifies provisions relating to personal property tax valuations in Missouri, focusing on how property is assessed and how tax rates are calculated. The bill makes several key changes, including introducing a new provision that beginning January 1, 2026, any increase in the aggregate valuation of personal property for the current year over the previous year will not be counted as new construction. It also updates how assessors determine the value of motor vehicles, requiring them to use a nationally recognized automotive trade publication (such as Kelley Blue Book or Edmunds) as selected by the state tax commission, with specific guidelines for valuing vehicles. The bill provides detailed instructions for how local taxing authorities must calculate and adjust tax rates, taking into account changes in property values, new construction, and inflation. It establishes procedures for notifying property owners about assessments, allows for challenges to tax rates, and provides mechanisms for political subdivisions to adjust their tax rates within certain constraints. The legislation aims to create more transparency and fairness in the property tax assessment process while providing clear guidelines for local governments in setting their tax rates.

https://house.mo.gov/Bill.aspx?bill=HB43&year=2025&code=R