HB 2626 proposes significant changes to Missouri's taxation and revenue laws, primarily by repealing numerous existing sections related to the state tax commission and replacing them with one hundred three new sections that establish a "Joint Committee on Tax Policy." This committee, composed of ten members from both the Senate and House of Representatives, will analyze the state's tax policies, focusing on fairness, economic impact, and compliance with laws. The bill also modifies the terminology throughout, replacing "tax" with "assessment" in various contexts, and clarifies the commission's responsibilities, which may be transferred to a successor entity.
Additionally, the bill introduces new definitions and classifications for property taxation, including specific guidelines for assessing agricultural land and urban gardens. It mandates that political subdivisions adjust tax rates based on assessed valuations and allows for temporary increases to recoup lost revenues. The bill emphasizes transparency in tax rate adjustments and outlines the responsibilities of county assessors and clerks in maintaining accurate property records. Overall, HB 2626 aims to modernize property tax definitions, enhance the efficiency of tax assessments, and ensure fair practices in the state's tax governance.
Statutes affected: Introduced (4402H.01):
21.810,
48.020,
50.610,
53.081,
53.250,
100.050,
137.010,
137.016,
137.021,
137.022,
137.073,
137.076,
137.079,
137.100,
137.115,
137.122,
137.160,
137.180,
137.235,
137.237,
137.243,
137.245,
137.295,
137.300,
137.335,
137.345,
137.355,
137.375,
137.405,
137.465,
137.480,
137.515,
137.720,
137.750,
137.930,
137.940,
137.985,
137.1003,
137.1018,
138.030,
138.060,
138.080,
138.110,
138.135,
138.180,
138.190,
138.200,
138.210,
138.235,
138.250,
138.290,
138.320,
138.330,
138.380,
138.390,
138.400,
138.420,
138.430,
138.433,
138.434,
138.435,
138.440,
138.445,
138.470,
138.480,
139.031,
150.080,
150.090,
150.290,
150.350,
150.360,
150.370,
151.020,
151.030,
151.040,
151.050,
151.060,
151.070,
151.080,
151.090,
151.100,
151.110,
151.140,
151.150,
151.170,
151.320,
151.330,
151.340,
153.030,
153.040,
153.050,
155.020,
155.030,
155.040,
155.050,
160.254,
162.925,
164.011,
164.013,
178.880,
233.500,
321.554,
536.085