HB 963 -- Residential Property Assessments

Sponsor:  Ruestman

Beginning January 1, 2010, this bill limits the increase in
assessed valuation of residential real property that is used as a
property owner's principal residence to 2% or the percentage of
increase over the previous year in the federal Consumer Price
Index, whichever is less, until the property is sold or
transferred.  When the home is sold, the assessed valuation
adjusts to the new purchase price.  A property owner will be
allowed to choose if he or she wants the assessed valuation of
residential real property as determined by the assessor, a recent
appraisal of the property, or the actual price paid if the
property was purchased within five years of the assessment.
Certified home appraisers must charge only the usual and
customary fees.  The bill allows a one-time exclusion so that a
homeowner 60 years of age or older can sell his or her home and
choose the assessed value of the new home or keep the assessed
value of the old home.  An explanation of the appeal process and
a statement that a taxpayer may appeal without an attorney must
be included in the mailing of the assessment notice.

Missouri House of Representatives
95th General Assembly, 1st Regular Session
Last Updated November 17, 2009 at 9:26 am