The bill seeks to repeal section 137.115 of the Revised Statutes of Missouri and replace it with a new section that details the assessment and taxation of personal property. It mandates that assessors in all counties, including the City of St. Louis, compile an annual list of all taxable real and tangible personal property. Notably, the bill introduces a mechanism for cities or counties to eliminate the assessment and taxation of tangible personal property through a voter referendum, with the option to offset lost revenue via a sales tax. If such a measure is approved, the assessment percentage for tangible personal property will be gradually reduced over five years until it is fully eliminated. Additionally, the bill outlines various provisions for assessing real property, manufactured homes, and vehicle values, including the use of recognized automotive trade publications. It requires physical inspections for significant property assessment increases and allows for electronic payment of property taxes. The legislation also permits counties or cities to opt out of certain property tax assessment provisions established by previous legislation, contingent upon a vote by the governing body. Furthermore, it specifies that cities of the third classification can levy separate tax rates for real and personal property if they manage their own tax billing and collection. The bill's enactment is contingent upon the approval of a constitutional amendment regarding the elimination of personal property taxation by voters.

Statutes affected:
Introduced (6011H.01): 137.115