Bill > HJR7

This joint resolution proposes a constitutional amendment that fundamentally reforms Missouri's property tax system. The key provisions include eliminating taxation on personal property, focusing exclusively on real property taxation, and establishing a new classification system for real property. Specifically, the resolution creates ten tiers for residential real property based on square footage and age, which will replace traditional assessed valuation methods. The amendment mandates that real property cannot be classified based on the owner's nature, residence, business, or the amount of property owned. Political subdivisions will be prohibited from levying property taxes on tangible or intangible personal property starting in the second calendar year following the amendment's adoption. The state tax commission will establish and periodically adjust the property tax tier factors, with quadrennial adjustments based on changes in the general price level. The resolution also provides mechanisms for political subdivisions to adjust their tax rates to replace revenues lost from the elimination of personal property taxes, ensuring that local governments can maintain their current funding levels while transitioning to the new property tax system.

Budget and Finance

https://house.mo.gov/Bill.aspx?bill=HJR7&year=2025&code=S2