SPONSOR: West
COMMITTEE ACTION: Voted "Do Pass" by the Special Committee on Tax Reform by a vote of 7 to 3. Voted "Do Pass" by the Standing Committee on Rules-Legislative by a vote of 7 to 3.
Beginning January 1, 2026, the percentage of the true value in money at which personal property is assessed will be reduced over a period of three years until it will be assessed at 18% of its true value in money.
PROPONENTS: Supporters say that when goods are purchased, a tax is imposed at the point of sale. Taxpayers are then subjected to a variety of taxes thereafter, including annual personal property tax, and all associated fees. This system is unfair, and this bill creates more fairness.
Testifying in person for the bill was Representative West.
OPPONENTS: Those who oppose the bill say that if personal property taxes are cut or eliminated, there needs to be a dollar-for-dollar replacement of the revenue that will be lost. If the revenue is not replaced, then local political subdivisions will have to slash their budgets, and taxpayers will miss out on essential services.
Testifying in person against the bill were Missouri NEA; Arnie Dienoff; and Missouri Association of County Developmental Disabilities Services.
Written testimony has been submitted for this bill. The full written testimony and witnesses testifying online can be found under Testimony on the bill page on the House website.
Statutes affected: