HB 888 -- Predictable Property Tax Act

Sponsor:  Nieves

This bill establishes the Predictable Property Tax Act which
requires county assessors to reassess residential real property
every odd-numbered year and to consider current market conditions
when making the reassessments.  Where appropriate, assessors must
decrease assessed values to accurately reflect the fair market
value.  The increase in assessed value of residential property,
excluding new construction and improvement, will be limited to
the percentage increase in the federal Consumer Price Index from
the previous year or 2% unless the property is transferred,
whichever is less.  A taxpayer can transfer his or her home to a
child or grandchild without a reassessment, and any taxpayer 55
years of age or older can transfer the assessed value of his or
her current home to a replacement home if the newly acquired
home's value is not more than $1 million over the market value of
the current home.  A taxpayer who disputes an assessor's
determination of assessed value can submit an appraised value
from a licensed or certified appraiser to the assessor to
determine the assessed value of his or her home.  The State Tax
Commission must develop and provide assessors with a pamphlet of
the appeal process which is to be included in the mailing with
the assessment notice.

The bill becomes effective only upon voter approval of a
constitutional amendment limiting the increase in assessed value
of a residential real property, due to reassessment, until a
transfer of ownership occurs.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:25 am