Changes the percentage of the cap on the inflationary growth factor for the assessment growth of real or personal property occurring within a political subdivision, defines assessment value, and adds provisions related to the sales ratio studies performed by the State Tax Commission

Summary

The bill changes how Missouri local governments calculate property tax assessments by adjusting the inflation cap and redefining assessment values. It also adds new definitions for residential, agricultural, commercial, and other property types and sets rules for reclassifying properties and recouping lost tax revenue. These changes aim to make property tax assessments more consistent and transparent.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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