Bill > HB988

This bill reduces the assessment percentage for personal property taxes in Missouri over time and provides a potential full exemption for certain older vehicles and farm machinery, contingent upon a constitutional amendment. Specifically, the bill introduces a gradual reduction of the personal property tax assessment rate from the current 33.33% to 10% by 2036, with annual reductions starting in 2026. For farm machinery and motor vehicles manufactured ten years or more prior to the current calendar year, the bill proposes a complete exemption from state and local personal property taxation, but this exemption would only take effect after voters approve a constitutional amendment authorizing such an exemption. The bill also makes some technical adjustments to how certain types of personal property (like livestock, poultry, and pollution control equipment) are taxed, generally lowering their assessment rates to 10% by 2036. These changes aim to provide tax relief for property owners, particularly those with older vehicles and farm equipment, by reducing the taxable value of personal property over time.

Budget and Finance, Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB988&year=2025&code=R