Bill > HB903

This bill reduces the assessment percentage of tangible personal property over a three-year period, gradually lowering the tax assessment rate from the current 33.33% to 18%. Specifically, the bill establishes a step-down approach where the assessment percentage will decrease by approximately 5.11% each year: in 2026, tangible personal property will be assessed at 28.22% of its true value; in 2027, it will be assessed at 23.11% of its true value; and from 2028 onward, it will be assessed at 18% of its true value. This change applies to all personal property taxed in Missouri counties, including the City of St. Louis, and is designed to provide tax relief for property owners by reducing the taxable value of their tangible personal property. The bill maintains existing assessment rules for other property types, such as agricultural crops, livestock, and certain specialized categories of personal property, which continue to be taxed at different predetermined rates. The gradual reduction is intended to give local governments and taxpayers time to adjust to the changing tax assessment landscape.

Budget and Finance, Government Affairs, Labor and Employment

https://house.mo.gov/Bill.aspx?bill=HB903&year=2025&code=R