Bill > HB629

This bill modifies provisions relating to personal property assessments in Missouri, with several key changes. Beginning January 1, 2026, personal property will be assessed at 30% of its true value (down from the current 33.33%), which could potentially reduce property tax burdens. The bill also introduces a change for calculating new construction and improvements for personal property, stipulating that starting January 1, 2027, any increase in the aggregate valuation of personal property will not be counted as new construction. The legislation provides detailed guidelines for how local taxing authorities must calculate and adjust tax rates when property valuations change, including requirements for notifying county clerks, conducting public hearings, and ensuring transparency in the tax rate setting process. Additionally, the bill updates methods for assessing motor vehicle values, allowing assessors to use multiple nationally recognized automotive valuation guides and providing more flexibility in determining vehicle values. The legislation also includes provisions for how taxpayers can challenge tax rates and gives the state auditor more oversight in reviewing and potentially challenging tax rate calculations by local authorities.

Budget and Finance, Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB629&year=2025&code=R