HB 1350 -- Residential Property Assessments

Sponsor:  Ruestman

Beginning January 1, 2011, 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 or transferred, 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 or licensed real estate 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, 2nd Regular Session
Last Updated September 14, 2010 at 3:10 pm