HOUSE JOINT RESOLUTION NO. 152 103RD GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVE JOBE.
5810H.01I JOSEPH ENGLER, Chief Clerk
JOINT RESOLUTION Submitting to the qualified voters of Missouri an amendment repealing Section 4(b) of Article X of the Constitution of Missouri, and adopting one new section in lieu thereof relating to property tax assessments.
Be it resolved by the House of Representatives, the Senate concurring therein:
That at the next general election to be held in the state of Missouri, on Tuesday next 2 following the first Monday in November, 2026, or at a special election to be called by the 3 governor for that purpose, there is hereby submitted to the qualified voters of this state, for 4 adoption or rejection, the following amendment to Article X of the Constitution of the state of 5 Missouri: Section A. Section 4(b), Article X, Constitution of Missouri, is repealed and one new 2 section adopted in lieu thereof, to be known as Section 4(b), to read as follows: Section 4(b). 1. Property in classes 1 and 2 and subclasses of those classes[,] shall be 2 assessed for tax purposes at its value or such percentage of its value as may be fixed by law 3 for each class and for each subclass. Property in class 3 and its subclasses shall be taxed only 4 to the extent authorized and at the rate fixed by law for each class and subclass, and the tax 5 shall be based on the annual yield and shall not exceed eight percent thereof. Property in 6 class 1 shall be subclassed in the following classifications: 7 (1) Residential property; 8 (2) Agricultural and horticultural property;
EXPLANATION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is intended to be omitted from the law. Matter in bold-face type in the above bill is proposed language. HJR 152 2
9 (3) Utility, industrial, commercial, railroad, and all other property not included in 10 subclasses (1) and (2) of class 1. 11 12 Property in the subclasses of class 1 may be defined by law, however subclasses (1), (2), and 13 (3) shall not be further divided, provided, land in subclass (2) may by general law be assessed 14 for tax purposes on its productive capability. The same percentage of value shall be applied 15 to all properties within any subclass. No classes or subclass shall have a percentage of its true 16 value in money in excess of thirty-three and one-third percent. 17 2. (1) Notwithstanding the provisions of subsection 1 of this section and section 3 18 of this article to the contrary, beginning January 1, 2027, for all residential real property 19 that has been maintained by the homeowner as his or her primary residence, the true 20 value in money for the purposes of assessment of such property shall be deemed to be 21 the same value determined at the most recent previous assessment of the property. In a 22 new assessment or reassessment of such residential real property maintained as a 23 primary residence, the assessed valuation of such property may be increased: 24 (a) Not more than five percent annually from the assessed valuation of such 25 property determined at its most recent previous assessment; or 26 (b) More than five percent, subject to the provisions, requirements, and 27 limitations as provided by general law, in the following circumstances: 28 a. The increase reflects the value added to the residential real property as a 29 result of new construction or improvements made to the property as determined by the 30 county appraisal system; or 31 b. The increase reflects the true market value of the residential real property 32 after it has been transferred or sold such that ownership of the primary residence 33 passed from one individual or entity to another individual or entity through legal means 34 including, but not limited to, sale or probate on or after the previous assessment date. 35 The true value in money shall reflect the true market value of the residential real 36 property for the first new assessment or reassessment year of such property under the 37 new ownership, before the limitations on increases under paragraph (a) of this 38 subdivision may apply, if applicable to such property. 39 (2) The provisions of this subsection shall not affect the ability of any assessor to 40 decrease the assessed value of any residential real property. ✔