The bill proposes significant changes to Missouri's property tax assessment laws by repealing several existing sections and enacting eight new sections. Key provisions include the establishment of a two-year assessment maintenance plan that assessors must submit for approval, as well as specific assessment percentages for various subclasses of personal property, such as agricultural crops and solar equipment. The bill also mandates physical inspections before any significant valuation increases for real property and modifies the assessment process for motor vehicles, requiring the use of a nationally recognized automotive trade publication for value determination. Additionally, it allows manufactured homes to be assessed like residential real property and introduces guidelines for property tax payments via credit cards or electronic transfers. Moreover, the bill introduces new definitions related to the assessment of real property and ensures uniformity in assessment levels across subclasses. It specifies notification requirements for property owners regarding valuation increases and allows new property owners to appeal assessed values directly to the state tax commission. The bill also entitles taxpayers to recover attorney's fees and litigation costs from successful appeals, with specific caps on these costs. Furthermore, it mandates that property tax refunds be issued within thirty days of final determinations, with interest accruing if delays occur, thereby enhancing taxpayer rights and improving the efficiency of the refund process.

Statutes affected:
Introduced (5781H.01): 137.115, 137.132, 137.180, 137.355, 138.060, 138.135, 138.434, 139.031