Bill > HB2329

This bill modifies the assessment percentage for tangible personal property in Missouri, gradually reducing the tax assessment rate over a three-year period. Currently, tangible personal property is assessed at 33.33% of its true value in money, but the bill proposes a phased reduction: in 2027, the assessment rate will drop to 28.22%; in 2028, it will further decrease to 23.11%; and by 2029 and subsequent years, the assessment rate will be set at 18% of the property's true value. This reduction means that businesses and property owners will pay taxes on a smaller percentage of their tangible personal property's value each year, potentially providing financial relief to taxpayers. The bill maintains existing provisions for specific types of personal property, such as agricultural crops, livestock, and farm machinery, which have different assessment rates. The changes are part of a broader effort to adjust property tax assessment methods in Missouri, with the goal of potentially making property ownership and business operations more financially manageable.

Budget and Finance

https://house.mo.gov/Bill.aspx?bill=HB2329&year=2026&code=R