HOUSE BILL NO. 3164 103RD GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVE REEDY.
6964H.01I JOSEPH ENGLER, Chief Clerk
AN ACT To repeal section 138.390, RSMo, and to enact in lieu thereof one new section relating to the duties of the state tax commission.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Section 138.390, RSMo, is repealed and one new section enacted in lieu 2 thereof, to be known as section 138.390, to read as follows: 138.390. 1. The state tax commission shall equalize the valuation of real and tangible 2 personal property among the several counties in the state in the following manner: with the 3 abstracts of all the taxable property in the several counties of the state and the abstracts of the 4 sales of real estate in such counties as returned by the respective county clerks and the 5 assessor of the city of St. Louis, the commission shall classify all real estate situate in cities, 6 towns, and villages, as town lots, and all other real estate as farming lands, and shall classify 7 all tangible personal property as follows: banking corporations, railroad corporations, street 8 railroad corporations, all other corporations, horses, mares and geldings, mules, asses and 9 jennets, neat cattle, sheep, swine, goats, domesticated small animals and all other livestock, 10 poultry, power machinery, farm implements, other tangible personal property. 11 2. (1) The state tax commission shall equalize the valuation of each class or subclass 12 of property thereof among the respective counties of the state in the following manner: 13 [(1)] (a) It shall add to the valuation of each class, subclass, or portion thereof of the 14 property, real or tangible personal, of each county which it believes to be valued below its real 15 value in money such amount or percent as will increase the same in each case to its true value; 16 [(2)] (b) It shall deduct from the valuation of each class, subclass, or portion thereof 17 of the property, real or tangible personal, of each county which it believes to be valued above
EXPLANATION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is intended to be omitted from the law. Matter in bold-face type in the above bill is proposed language. HB 3164 2
18 its real value in money such amount or percent as will reduce the same in each case to its true 19 value. 20 (2) (a) For the purposes of this subsection, the state tax commission shall utilize 21 ratio studies to determine whether a class or subclass of property is valued below or 22 above its true value in money. 23 (b) A class or subclass of property shall be considered to be valued below its true 24 value in money if: 25 a. The weighted median ratio is less than seventy percent and the coefficient of 26 dispersion is greater than twenty-five percent; or 27 b. The weighted median ratio is less than seventy percent and the upper bound 28 of the ninety-five percent confidence interval for the weighted median is less than 29 seventy percent. 30 (c) A class or subclass of property shall be considered to be valued above its true 31 value in money if: 32 a. The weighted median ratio is greater than one hundred percent and the 33 coefficient of dispersion is greater than twenty-five percent; or 34 b. The weighted median ratio is greater than one hundred percent and the upper 35 bound of the ninety-five percent confidence interval for the weighted median is greater 36 than one hundred percent. ✔
Statutes affected: