The bill seeks to repeal and replace section 137.115 of Missouri law, establishing a comprehensive framework for the assessment of personal property taxes. It requires assessors across all counties, including the City of St. Louis, to compile an annual list of all taxable real and tangible personal property. Personal property will be assessed at thirty-three and one-third percent of its true value until January 1, 2027, after which the assessment percentage will gradually decrease to one-hundredth of one percent by 2029. The legislation also outlines specific assessment processes for various subclasses of personal property, such as agricultural crops and solar equipment, and introduces new requirements for real property valuation, including mandatory physical inspections prior to significant value increases. Additionally, the bill clarifies tax procedures for political subdivisions that span multiple counties, allowing them to calculate a unified tax rate despite some counties opting out of certain provisions. It also provides cities of the third classification with populations between 26,300 and 26,700 the authority to levy separate tax rates for real and personal property, contingent on their ability to manage their own tax billing and collection. The legislation emphasizes transparency in tax administration by mandating the availability of records while safeguarding taxpayer confidentiality. Overall, the bill aims to modernize the assessment process and enhance clarity in property tax regulations in Missouri.

Statutes affected:
Introduced (6251H.01): 137.115