Bill > HB2692

This bill, effective January 1, 2028, modifies how residential real property used as a primary residence is assessed for tax purposes. For properties owned and used as a primary residence before December 31, 2027, the assessed value will remain the same as the most recent previous assessment, unless certain conditions are met. If such a property is sold or transferred on or after January 1, 2026, its assessed value will be capped at the most recent purchase price until the next sale or until new construction or improvements add significant value. For assessments after January 1, 2028, the assessed value of a primary residence can only increase beyond its previous assessment or sale price if new construction or improvements add at least 50% to the property's assessed valuation. Property owners must notify the assessor of new construction or improvements for reassessment. Participation in these new assessed valuation provisions is optional, and owners must actively opt in; otherwise, their property will be assessed under the existing process. The bill also includes provisions for situations where a sale is below market value and clarifies that these changes do not affect other assessor duties.

https://house.mo.gov/Bill.aspx?bill=HB2692&year=2026&code=R