Bill > SB1212

This bill modifies property assessment procedures in Missouri, primarily focusing on how personal and real property are valued for tax purposes. Starting in 2027, the bill introduces a new mechanism for assessing property values that includes an "allowable growth factor" which limits annual increases in assessed value to the lesser of the inflation rate or 5%. The legislation adjusts assessment percentages for different types of property, such as personal property, residential real estate, and commercial real estate, and provides the State Tax Commission with the authority to adjust base assessment percentages if total assessed values grow too quickly. The bill also includes provisions for how manufactured homes are assessed, requires physical inspections before significantly increasing property valuations, and mandates that assessors use specific guidelines for valuing motor vehicles, such as using trade-in values from recognized automotive publications. Additionally, the bill changes some administrative deadlines, moving the date assessors must return assessment books from July to June, and provides counties and cities with some flexibility to opt out of certain assessment provisions. These changes aim to create a more consistent and controlled approach to property tax assessments across Missouri.

Budget and Finance

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=473