The bill proposes to repeal and replace section 137.115 of the Revised Statutes of Missouri, which pertains to the assessment of real and tangible personal property for taxation purposes. The new section outlines the responsibilities of assessors in all counties, including the City of St. Louis, to create an annual list of taxable properties and assess personal property at one-third of its true value. It establishes specific assessment percentages for various subclasses of real property, including a reduction in the assessment rates for subclasses (1), (2), and (3) from nineteen, twelve, and thirty-two percent to ten, eight, and twenty percent, respectively. Additionally, the bill mandates that assessors conduct physical inspections before increasing property valuations by more than fifteen percent and provides guidelines for the assessment of manufactured homes. Furthermore, the bill allows assessors to send personal property assessment forms by mail and specifies that counties and cities may opt out of certain provisions related to property assessment for the next general reassessment year. It also includes provisions for the use of recognized automotive trade publications to determine vehicle values and allows for credit card payments of property taxes without excessive surcharges. The bill aims to streamline the assessment process while ensuring fair valuation practices and providing taxpayers with clear rights regarding property assessments.

Statutes affected:
Introduced (4095H.01): 137.115