Bill > HB1766

This bill modifies provisions related to personal property assessments by clarifying definitions for terms like "general reassessment," "tax rate," "tax rate ceiling," and "tax revenue," which are crucial for calculating property taxes. It mandates that county clerks and the assessor of St. Louis City notify political subdivisions of changes in assessed valuations for personal property and subclasses of real property, excluding new construction and improvements. Political subdivisions must then adjust their tax rates to maintain substantially the same tax revenue as the previous year, with specific rules for voter-approved tax increases and adjustments for inflation. A key change is that beginning January 1, 2027, any increase in the aggregate valuation of personal property from the previous year will no longer be counted as "new construction" for tax rate calculation purposes. The bill also outlines procedures for tax rate revisions due to valuation reductions, allows for recoupment of lost revenue under certain circumstances, and establishes a process for taxpayers to challenge non-compliant tax rates, including provisions for class-action lawsuits and tax refunds.