Bill > HB1892

This bill modifies property tax assessment procedures for certain types of stationary property. It establishes a standardized depreciation schedule based on the property's original cost and its "class life" and "recovery period," which are determined by federal tax codes, to calculate its assessed value. "Business personal property" is defined as tangible property used in a trade or business with a determinable life of over one year, with specific exclusions like livestock and vehicles. The bill also introduces provisions for assessing specific types of real property used for transporting or storing liquid and gaseous products, such as water and natural gas, by applying a twenty-year recovery period to their original cost, regardless of when they were placed in service. Taxpayers owning this real property will be required to report its original cost and placement-in-service date to assessors annually, with this information being considered proprietary.

Budget and Finance, Government Affairs

https://house.mo.gov/Bill.aspx?bill=HB1892&year=2026&code=R