Bill > HB464

This bill modifies provisions relating to personal property tax valuations in Missouri, making several key changes. It adjusts the assessment rates for personal property, gradually reducing the assessment percentage from 33.33% to 31% of true value by January 1, 2026. The bill provides detailed guidelines for how local taxing authorities should calculate and adjust tax rates when property values change, including provisions for new construction, improvements, and general reassessments. It introduces more stringent requirements for how assessors determine property values, particularly for motor vehicles, by specifying the use of recognized automotive valuation guides and requiring physical inspections under certain circumstances. The legislation also establishes procedures for how political subdivisions can revise their tax rates, including limitations on increasing tax rates without voter approval and requirements for public hearings and justification when proposing rate changes. Additionally, the bill includes provisions for taxpayers to challenge improper tax rates through formal complaints and potential class action lawsuits, with mechanisms for potential tax refunds if improper rates are found to have been applied.

https://house.mo.gov/Bill.aspx?bill=HB464&year=2025&code=R