Bill > HB783

This bill clarifies the short-term authority of local taxing entities to adjust property tax rates and tax rate ceilings following a voluntary tax rate reduction. The legislation modifies existing law to provide specific guidelines for how local governments can modify their tax rates in non-reassessment years. Key provisions include allowing a governing body to reduce its tax rate in a non-reassessment year and then potentially increase that rate back up to the tax rate ceiling in the immediately following year of general reassessment, without requiring voter approval. The bill defines several important terms such as "general reassessment" (changes in property value entered by the assessor), "tax rate" (the rate of property taxation), and "tax revenue" (actual receipts from property taxes). It also establishes procedures for how local taxing entities must calculate and adjust their tax rates, including requirements for public hearings and notifications when changing tax rates. The bill aims to provide more flexibility for local governments in managing their tax rates while maintaining transparency and accountability in the process.

Budget and Finance, Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB783&year=2025&code=R