Bill > SB857

This bill modifies personal property tax assessment rules in Missouri, primarily focusing on a gradual reduction of personal property tax assessment rates starting January 1, 2027. Under the proposed changes, political subdivisions will be required to annually reduce the percentage of true value at which personal property is assessed, ensuring that the revenue generated from personal property taxes grows proportionally with real property assessment growth. The bill establishes a mechanism where these reductions will continue until December 31, 2075, after which the assessment percentage will remain fixed. Political subdivisions that experience reduced tax revenues due to these changes may receive state reimbursement, subject to appropriations. The bill also maintains the current 33.33% assessment rate for specific purposes, such as the tax levied under the Missouri Constitution, and provides definitions for terms like "real property assessment growth," which excludes revenue increases beyond the consumer price index. Additionally, the bill includes various technical modifications to property assessment procedures, such as clarifying assessment methods for manufactured homes, motor vehicles, and other types of personal property.

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=480