Bill > HB515

This bill creates the "Taxation Oversight and Reduction Act," which provides a mechanism for taxpayers to petition for reductions in local property tax rates. Under the proposed law, taxpayers can submit a petition to their local election authority to reduce the combined property tax rate, with several key restrictions: the reduction cannot exceed 5% of the current tax rate, cannot be submitted more frequently than every four years, and cannot apply to bond or debt service taxes. To initiate the process, a taxpayer must first notify the local election authority of their intent and provide a proposed petition. The petition must be accompanied by signatures from registered voters equal to at least 5% of voters in the most recent local election. Each signature must include the voter's printed name and residence. The local election authority can charge up to 50 cents per signature for verification. If the petition meets all requirements, the question of tax rate reduction will be placed on the next general municipal election ballot. Voters will then decide whether to approve the proposed tax rate reduction, with a majority vote required to implement the change. If approved, the political subdivision must reduce its combined property tax rate by the specified percentage.

Budget and Finance

https://house.mo.gov/Bill.aspx?bill=HB515&year=2025&code=R