Bill > HB3271

This bill modifies provisions governing the assessment and taxation of property in Missouri by repealing and reenacting sections 137.073, 137.079, and 137.115 of the Revised Statutes of Missouri (RSMo). Key changes include defining terms like "general reassessment," "tax rate," "tax rate ceiling," and "tax revenue" to clarify how property tax rates are determined and adjusted, especially in response to changes in assessed valuations and inflation. The bill specifies how political subdivisions, such as school districts and counties, must revise their tax rates to maintain substantially the same amount of tax revenue as the previous year, excluding new construction and improvements, while also allowing for adjustments due to inflation and certain reductions in assessed valuation. It also outlines procedures for handling appeals of business personal property assessments, mandates a two-year assessment maintenance plan for county assessors, and clarifies how certain personal and real property subclasses are assessed, including specific percentages of their true value. Furthermore, the bill addresses the assessment of manufactured homes, the use of automotive trade publications for motor vehicle valuations, and requires physical inspections for significant increases in the assessed valuation of certain real property. Finally, it establishes a new requirement for counties and cities not within a county to determine assessed valuations, set and revise tax rates, and make adjustments for each subclass of real property and personal property individually, beginning January 1, 2027.

https://house.mo.gov/Bill.aspx?bill=HB3271&year=2026&code=R