Bill > HB2415

This bill establishes a comprehensive definition of "assessment value" for real property assessment purposes in Missouri, introducing a new method for determining property value across different types of real estate. For buildings, the assessment value will be calculated using the replacement cost approach, adjusted by the quality of construction. For non-agricultural land, the value will be determined by the market, while agricultural and horticultural land will be valued based on its productive capability. The bill also clarifies that terms like "assessed valuation", "market value", and "true value in money" should now be understood as referring to this new "assessment value" definition. Additionally, the bill provides guidance for properties with multiple uses, allowing county assessors to allocate percentages of value to different classifications when a property serves more than one purpose. The legislation aims to create a more standardized and transparent approach to property valuation, which could potentially impact property tax calculations and assessments across the state.

Budget and Finance

https://house.mo.gov/Bill.aspx?bill=HB2415&year=2026&code=R