Bill > SB784

This bill modifies the classification of real property in Missouri by making several key changes. The bill clarifies the definition of "residential property" by explicitly stating that a single-family home leased for less than 30 consecutive days and subject to sales tax will still be classified as residential property. It also provides a more nuanced definition of "transient housing", specifying that leasing a single-family home for less than 30 days does not automatically constitute transient housing. The bill expands the definition of "agricultural and horticultural property" to include urban and community gardens, which are defined as real property cultivated by neighborhood residents for agricultural products intended for community use. Additionally, the bill maintains provisions that allow taxing districts to adjust their operating levy to recoup any loss of property tax revenue resulting from changes in property classification, particularly for structures with five or more dwelling units. The bill provides detailed guidelines for county assessors to determine property classification when real property is used for multiple purposes, emphasizing the need to allocate property value according to its specific uses and considering factors such as prior use, location, zoning, legal restrictions, and potential economic use.

Government Affairs

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=R&BillID=6475405