Bill > HB2415

This bill establishes a definition for "assessment value" for real property assessment purposes in Missouri, which is crucial for determining property taxes. It clarifies that for buildings, the assessment value will be determined using the replacement cost approach, reconciled with other valuation methods. For land, the assessment value will be based on market value, except for agricultural and horticultural land, where it will be based on the land's productive capability as defined in section 137.021. The bill also makes changes to how the State Tax Commission equalizes property valuations among counties, introducing specific criteria using "ratio studies," "weighted median ratio," and "coefficient of dispersion" to determine if property is valued below or above its true value. These changes aim to ensure more consistent and accurate property valuations across the state.