HB 1471 -- Predictable Property Tax Act

Sponsor:  Cunningham (86)

This bill establishes the Predictable Property Tax Act which
freezes, beginning August 28, 2008, the assessed valuation of
real property at the 2006 assessed value or at the acquisition
price of property purchased after the effective date of the bill
and sets the tax rate at 1%.  The assessment can be adjusted for
cost-of-living increases up to 2% annually.  Real property tax
revenues are limited to the 2006 real property tax revenues for
each county, excluding new construction, improvements, and
cost-of-living increases.  If the market value of a home
declines, the assessed valuation must decrease.  The limitations
will not apply to any voter-approved tax increase, bond
indebtedness, or special assessment.

A taxpayer who is 55 years of age or older can transfer the
assessed value of his or her current home to any replacement home
of equal or lessor value.  The bill allows the transfer of
property up to $1 million in assessed value to children or
grandchildren without reassessment.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:10 pm