Bill > SB9

This bill introduces a new property tax credit mechanism specifically for counties with populations between 700,000 and 800,000 inhabitants. The bill allows such counties to provide a property tax credit to eligible homeowners that essentially freezes their property tax liability at a baseline year, with modest allowances for increases. An eligible taxpayer can receive a credit equal to the difference between their current year's property tax liability and their initial credit year's liability, with some exceptions for new construction or annexation. The credit can be implemented either through a county ordinance or by a voter referendum requiring signatures from at least 5% of registered voters. Counties granting such credits must notify other political subdivisions of the total credit amount by November 30th each year, and the credits will be considered tax revenue for calculation purposes. Additionally, the bill modifies how the state tax commission assesses property valuations, introducing more specific criteria for determining whether property classes are valued below or above their true market value, using ratio studies and statistical measures like weighted median ratios and coefficient of dispersion to guide equalization efforts.

https://www.senate.mo.gov/25info/BTS_Web/Bill.aspx?SessionType=E1&BillID=18267444