Bill > HB517

This bill modifies the property tax assessment and levy process in Missouri, with several key provisions. It introduces a requirement that ballot measures seeking approval for property tax changes must express the effect in real dollars per $100,000 of property valuation. The bill also changes the cap on the inflationary growth factor for property assessment, reducing it from five percent to three percent for revisions occurring on or after January 1, 2026. Additionally, the legislation mandates that political subdivisions revise their tax rates to produce substantially the same amount of tax revenue as the previous year, while limiting increases based on the consumer price index. The bill provides detailed guidelines for how local governments should calculate and adjust tax rates, including provisions for handling reassessments, new construction, and voter-approved tax rate increases. It also establishes mechanisms for taxpayers to challenge tax rates they believe are improperly calculated, including the ability to file class-action lawsuits against taxing authorities that fail to comply with the new regulations. The overall aim appears to be providing more transparency in property tax changes and controlling the rate of property tax growth.

Budget and Finance, Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB517&year=2025&code=R