Bill > SB699

This bill modifies the classification of real property in Missouri by making several key changes. It clarifies that a single-family home leased for less than 30 consecutive days will be classified as residential property, even if it is subject to sales tax for short-term rentals. The bill explicitly states that leasing a single-family home for less than 30 days does not automatically constitute "transient housing." It provides guidance for county assessors on how to classify properties with multiple uses, requiring them to allocate property value percentages to different classification categories when a property serves more than one purpose. For properties that are vacant, unused, or have unclear classification, the bill establishes a comprehensive set of eight factors that assessors should consider when determining the property's "immediate most suitable economic use," including prior use, location, zoning, legal restrictions, available public services, property size, access to thoroughfares, and other relevant considerations. The bill also allows taxing districts to adjust their operating levies to compensate for potential revenue losses resulting from changes in property classification, particularly for residential structures with five or more dwelling units. These modifications aim to provide more clarity and consistency in how real property is classified and assessed for tax purposes in Missouri.

Government Affairs

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=4845584