SPONSOR: Coleman
This bill prohibits an assessor from reclassifying real property without first conducting an in-person consultation with the owner of record of such property. An assessor must be deemed to be in compliance with this provision if the assessor can document a good-faith effort to contact the owner of record, as described in the bill (Section 137.016,RSMo).
Currently, an assessor must not increase the assessed valuation of any parcel of residential real property by more than 15% since the last reassessment without first conducting a physical inspection of the property and providing notice to the taxpayer. This bill modifies such provision by prohibiting any increase in assessments of residential real property in excess of 15%. Additionally, a property owner may request the assessor to conduct a physical inspection, provided that the assessed value must not increase as a result of such inspection (Section 137.115).
Currently, certain counties are authorized to provide a tax credit for the property tax liabilities owed on an eligible taxpayer's homestead. This bill repeals such provision and instead specifies that all counties must provide a property tax credit for any real property owned by an eligible taxpayer, provided that the real property tax liability owed on the taxpayer's real property may be increased by no more than 2.5% per year or the percent increase in inflation, whichever is less. However, for any county in which any subclass of real property is considered to be valued below its true value in money, as determined in the bill, the amount by which a taxpayer's real property tax liability may increase must not exceed 7.5% per year, provided that this provision must no longer apply to a county once such subclass of real property in such county is no longer considered to be valued below its true value in money.
Additionally, the bill provides that personal property tax liability owed on any individual item of personal property must not be increased above the liability owed on such item during the 2024 tax year or the first year an eligible taxpayer first incurs personal property tax liability on such personal property, whichever occurs later. Any eligible taxpayer experiencing such an increase must be eligible for a credit on the eligible taxpayer's personal property tax liability in an amount equal to such increase, as described in the bill (Sections 137.1058 and Section 137.1055)
Currently, the State Tax Commission is required to equalize the valuation of each class and subclass of property among the respective counties. This bill requires the Commission to utilize ratio studies to determine whether a class or subclass is valued below or above its true value. Such values must be no less than 75% and no more than 100% of true market value, as specified in the bill (Section 138.390).
This bill is similar to SB 919 (2026).
Statutes affected: