Bill > SJR113

This concurrent resolution proposes an amendment to the Missouri Constitution that will be submitted to voters at the next general election in November 2026, or a special election. The amendment modifies how property is assessed for tax purposes, particularly for residential real property. Currently, property is assessed based on its value, with different percentages applied to different classes and subclasses of property. The proposed change, effective January 1, 2027, states that for all residential real property, including rentals, its true value for tax assessment purposes will be considered the same as its most recent previous assessment. However, if a new assessment or reassessment occurs, the valuation can be increased, but not by more than the change in the consumer price index since the last assessment or a two-percent annual increase, whichever is less. This limited increase can be exceeded if new construction or improvements are made to the property. The resolution also clarifies that no class or subclass of property can be assessed at more than thirty-three and one-third percent of its true value.

Budget and Finance

https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=104728