The bill seeks to repeal and replace section 137.115 of Missouri law, establishing a new framework for the assessment of personal property taxes. It requires assessors across all counties, including the City of St. Louis, to compile an annual list of all taxable real and tangible personal property. The assessment of personal property will initially be set at thirty-three and one-third percent of its true value until January 1, 2027, after which it will decrease by five and one-ninth percent annually for three years, ultimately reaching eighteen percent by 2029. The bill also specifies assessment percentages for various subclasses of personal property, such as agricultural crops, livestock, and motor vehicles, and outlines the responsibilities of assessors regarding property inspections and vehicle valuations. Additionally, the bill amends tax regulations for political subdivisions that span multiple counties, allowing them to calculate a single tax rate despite some counties opting out of certain provisions. It provides governing bodies of cities or counties that have opted out the option to implement specific provisions from House Bill No. 1150 for the next general reassessment year, contingent upon an affirmative vote. Furthermore, it introduces provisions for cities of the third classification with populations between 26,300 and 26,700 to levy separate tax rates for real and personal property, contingent on their management of property tax billing and collection. The bill also mandates that real property designated for future mining be assessed based on its current use, while ensuring the confidentiality of sensitive taxpayer information.

Statutes affected:
Introduced (5822H.01): 137.115