SS SCS SB 347 & 487 -- Property Taxes

Sponsor:  Caskey

This substitute requires counties to make a payment in lieu of
taxes (PILOT) for certain property purchased by the county and
taken off the tax rolls.  If the property is purchased for the
purpose of private development and then sits undeveloped for a
period of at least 2 years, the county must make PILOT
payments.  For property purchased for the purpose of private
development between August 28, 1992, and August 28, 2001, the
county will have 2 years from the August 28, 2001, effective
date to develop the property, or else PILOT payments must be
made.  Additionally, if property is purchased by the county for
purposes of private development and then is developed into
income-producing property, the county must make PILOT payments.

The substitute also postpones the exempt status of property
acquired by tax-exempt entities until January 1 of the year
following the purchase by the tax-exempt entity.

Counties are required to deposit a percentage of their ad
valorem property tax collections into a county assessment fund
to support installation, operation, and maintenance of a
geographic information system as approved by the county
governing body.  Between January 1, 2002, and December 31, 2004,
the percentages are:  one-fifth of 1% for counties of the first
classification and cities not within a county and one-half of 1%
for all other counties.  Beginning on January 1, 2005, the
percentages are reduced to one-quarter of their original levels,
to:  one-twentieth of 1% and one-eighth of 1%, respectively.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:05 pm