Bill > HB776

This bill modifies how motor vehicle assessments are calculated for tax purposes in Missouri. Starting January 1, 2026, county assessors will determine a motor vehicle's true value using the manufacturer's suggested retail price (MSRP) from a nationally recognized automotive trade publication, instead of the previous trade-in value method. The bill introduces a detailed depreciation schedule that systematically reduces a vehicle's assessed value based on its age, with a minimum assessed value of $100 for vehicles over 25 years old. The new method aims to provide a more standardized and transparent approach to vehicle valuation. The state tax commission will be responsible for securing the publication used for valuations, which will be used for at least three years before potentially being replaced. Additionally, the bill includes provisions about physical property inspections, notification requirements for property owners, and allows counties to opt out of certain assessment provisions. The changes are intended to create a more consistent and fair system for assessing motor vehicle values for taxation purposes.

https://house.mo.gov/Bill.aspx?bill=HB776&year=2025&code=R