INTRODUCED BY REPRESENTATIVE CHRISMER.
Pre-filed December 15, 1999, and 1000 copies ordered printed.
ANNE C. WALKER, Chief Clerk
Submitting to the qualified voters of Missouri, an amendment repealing section 4(b) of article X of the Constitution of Missouri, relating to real property and adopting one new section in lieu thereof relating to the same subject.
That at the next general election to be held in the state of Missouri, on Tuesday next following the first Monday in November, 2000, or at a special election to be called by the governor for that purpose, there is hereby submitted to the qualified voters of this state, for adoption or rejection, the following amendment to article X of the Constitution of the state of Missouri:
Section A. Section 4(b), article X, Constitution of Missouri, is repealed and one new section adopted in lieu thereof, to be known as section 4(b), to read as follows:
Section 4(b). Property in classes 1 and 2 and subclasses of those classes, shall be assessed for tax purposes at its value or such percentage of its value as may be fixed by law for each class and for each subclass. Property in class 3 and its subclasses shall be taxed only to the extent authorized and at the rate fixed by law for each class and subclass, and the tax shall be based on the annual yield and shall not exceed eight percent thereof. Property in class 1 shall be subclassed in the following classifications:
(1) Residential property;
(2) Agricultural and horticultural property;
(3) Utility, industrial, commercial, railroad, and all other property not included in subclasses (1) and (2) of class 1.
Property in the subclasses of class 1 may be defined by law, however subclasses (1), (2), and (3) shall not be further
divided, provided, land in subclass (2) may by general law be assessed for tax purposes on its productive capability. The
same percentage of value shall be applied to all properties within any subclass. No classes or subclass shall have a
percentage of its true value in money in excess of thirty-three and one-third percent. Residential real property in
subclass (1) of class 1 shall be reassessed only when a title transfer occurs. Prior to a title transfer, the assessed
value of all residential real property shall be the assessed value as of December 1, 1999. After a title transfer
occurs, the assessed value of a piece of residential real property shall be the assessed value given in the year of the
transfer. "Residential real property" means a single family unit which is owner-occupied at least two hundred
days per calendar year.