Bill > SB919

This bill modifies provisions related to property taxes in Missouri, introducing several key changes. The bill establishes a new property tax credit system where eligible taxpayers can receive credits on their real and personal property tax liabilities. For real property, the credit is calculated by comparing a taxpayer's current tax liability to their initial credit year (2024), with restrictions on how much the tax liability can increase annually. Specifically, an assessor cannot increase the assessed valuation of residential property (subclass 1) by more than 15 percent since the last assessment. The bill also requires assessors to conduct an in-person consultation with property owners before reclassifying their property and provides new guidelines for how property should be classified and valued. Additionally, the bill introduces more detailed criteria for how the state tax commission should evaluate property valuations, using ratio studies and specific statistical methods to determine whether properties are valued below or above their true market value. The legislation aims to provide tax relief for property owners by limiting unexpected increases in property tax assessments and creating a more transparent and consistent property valuation process.

Budget and Finance

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=466