The bill seeks to repeal and replace section 137.115 of the Revised Statutes of Missouri, which governs the assessment of real and tangible personal property for taxation. It outlines the responsibilities of assessors across all counties, including the City of St. Louis, to compile an annual list of taxable properties and assess them at specified percentages of their true value. The new section introduces a framework for assessing personal property with various subclasses and mandates physical inspections before significant increases in property valuations. It also allows assessors to use nationally recognized automotive trade publications for determining the true value of motor vehicles and includes provisions for assessing manufactured homes. Key provisions of the bill, effective January 1, 2028, establish that the true value of residential real property used as a primary residence will be based on the most recent assessment prior to December 31, 2027. For residential properties bought or transferred after January 1, 2026, the assessed value will not exceed the most recent purchase price until certain conditions are met. The bill also stipulates that increases in assessed valuation for primary residences can only occur if they reflect significant improvements, and property owners must notify assessors of any new construction. Participation in these new assessment provisions is optional, allowing property owners to choose whether to opt in or continue under the existing assessment process.

Statutes affected:
Introduced (5062H.01): 137.115