The bill proposes the repeal of several sections of the Revised Statutes of Missouri (RSMo) related to property assessment and tax credits, replacing them with new sections that introduce updated definitions and guidelines for property classification and assessment. Key definitions include "residential property," "agricultural and horticultural property," and "utility, industrial, commercial, railroad and other real property." The bill mandates in-person consultations between assessors and property owners before reclassifying properties, outlines the assessment process for various property subclasses, and establishes new requirements for assessors, including the preparation of a two-year assessment maintenance plan. It also clarifies the treatment of manufactured homes and emphasizes the use of recognized automotive trade publications for vehicle valuation. Additionally, the bill introduces a new section that establishes property tax credits for eligible taxpayers, defining criteria for eligibility and the initial credit year as 2024. It sets limits on how much real property tax liability can increase for eligible taxpayers and outlines the procedures for counties to apply these credits. The legislation aims to provide tax relief while ensuring accurate property valuations and transparency in tax policies. It also includes provisions for counties to accept credit card payments for property taxes and requires notification of credit amounts to political subdivisions, thereby enhancing the overall assessment process and fairness for property owners.

Statutes affected:
Introduced (6466H.01): 137.016, 137.115, 137.1055, 137.1058, 138.390