SB 359 - For the purposes of calculating the amount of assessed valuation of personal property, current law provides that the definition of new construction and improvements is the aggregate increase in valuation of personal property for the current year over that of the previous year. This act provides that new construction and improvements shall not include increases in the assessed valuation of a motor vehicle as determined pursuant to current law. (Section 137.073)

This provision is substantially similar to SB 409 (2023) and HB 754 (2023).

Current law also requires that personal property be assessed at 33.3% of its true value in money. Beginning January 1, 2026, this act requires that personal property be assessed at 31% of its true value in money. (Section 137.115)

This provision is identical to a provision in HB 2403 (2024) and SS/SCS/SB 8 (2023).

This act is identical to HB 2430 (2024).

JOSH NORBERG

Statutes affected:
Introduced (1162S.01): 137.073, 137.115