MO HB1350

Allows residential property owners to choose assessment based on assessor valuation, purchase price within five years, or certified appraiser appraisal for properties used as principal residence.

Caps annual assessment increases at the lesser of 2 percent or the Consumer Price Index increase for subsequent years after initial valuation is set.

Resets assessed valuation to purchase price upon sale, transfer, or conveyance of residential property.

Permits property owners age 60 and older to transfer the assessed valuation from a sold principal residence to a newly purchased principal residence as their first option.

Requires notice of projected tax liability to include appeal process explanation and statement that taxpayer may appeal without an attorney.