SECOND REGULAR SESSION

[PERFECTED]

HOUSE BILL NO. 1420

88TH GENERAL ASSEMBLY

INTRODUCED BY REPRESENTATIVE SEARS.

Read 1st time February 5, 1996 and 1000 copies ordered printed.

Read 2nd time February 6, 1996 and referred to the Committee on Agriculture, February 12, 1996.

Reported from the Committee on Agriculture, February 29, 1996, with recommendation that the bill Do Pass by Consent.

Perfected by Consent March 18, 1996

DOUGLAS W. BURNETT, Chief Clerk

L3368.01P

AN ACT

To repeal section 137.021, RSMo 1994, relating to assessment procedures for certain agricultural land, and to enact in lieu thereof one new section relating to the same subject.

Be it enacted by the General Assembly of the state of Missouri, as follows:

Section A. Section 137.021, RSMo 1994, is repealed and one new section enacted in lieu thereof, to be known as section 137.021, to read as follows:

137.021. 1. The assessor, in grading land which is devoted primarily to the raising and harvesting of crops, to the feeding, breeding and management of livestock, to dairying, or to any combination thereof, as defined in section 137.016, [under] pursuant to the provisions of sections 137.017 to 137.021, shall in addition to [his] the assessor's personal knowledge, judgment and experience, consider soil surveys, decreases in land valuation due to natural disasters, level of flood protection, governmental regulations limiting the use of such land, the estate held in such land, and other relevant information. On or before December thirtyfirst of each evennumbered year, the state tax commission shall for the next biennium promulgate by regulation and publish a value based on productive capability for each of the several grades of agricultural and horticultural land. Such values shall be based upon soil surveys, soil productivity indexes, production costs, crop yields, appropriate capitalization rates and any other pertinent factors, all of which may be provided by the college of agriculture of the University of Missouri, and shall be used by all county assessors in conjunction with their land grades in determining assessed values. The state tax commission shall notify every member of the general assembly in writing before January tenth of each odd-numbered year of the regulation promulgated pursuant to this section which shall include the proposed value rate for each of several grades of agricultural and horticultural land to be used by the county assessors for the next biennium and when such rate is to become effective. Any regulation promulgated pursuant to this subsection shall be deemed to be beyond the scope and authority provided in this subsection if the general assembly, within the first sixty calendar days of the regular session immediately following the promulgation of such regulation, by concurrent resolution, shall disapprove the values contained in such regulation. If the general assembly so disapproves any regulation promulgated [under] pursuant to this subsection, the state tax commission shall continue to use values set forth in the most recent preceding regulation promulgated [under] pursuant to this subsection.

2. When land that is agricultural and horticultural property, as defined in section 137.016, and is being valued and assessed for general property tax purposes [under] pursuant to the provisions of sections 137.017 to 137.021 becomes property other than agricultural and horticultural property, as defined in section 137.016, it shall be reassessed as of the following January first.

3. Separation or splitoff of a part of the land which is being valued and assessed for general property tax purposes [under] pursuant to the provisions of sections 137.017 to 137.021, either by conveyance or other action of the owner of the land, so that such land is no longer agricultural and horticultural property, as defined in section 137.016, shall subject the land so separated to reassessment as of the following January first. This shall not impair the right of the remaining land to continuance of valuation and assessment for general property tax purposes [under] pursuant to the provisions of sections 137.017 to 137.021.