HB 2025 -- Personal Property Tax Relief

Sponsor:  Portwood

This bill creates the Personal Property Tax Relief Fund and
phases out the personal property tax on an individual's two least
valuable qualifying non-business motor vehicles if the taxes were
paid timely and funds are appropriated from the Tobacco
Settlement Trust Fund.  For taxable years beginning in 2007, a
reimbursement of 12.5% is provided directly to taxpayers.  For
taxable years beginning in 2008, 27.5% is deducted on the
tangible personal property tax bill for qualifying motor
vehicles; 47.5% in 2009; 70% in 2010; and 100% in 2011 and after.
If the vehicle is valued at $1,000 or less, a reduction of 100%
applies for 2007 and after.  The county collector will include a
statement with the tax bill explaining the calculation of the
deduction, the calculation of future deductions, and the
taxpayer's liability for the payment of personal property taxes
on the qualifying vehicles.

Missouri House of Representatives
93rd General Assembly, 2nd Regular Session
Last Updated November 29, 2006 at 9:45 am