MO HB1507

Repeals and reenacts Section 137.720, RSMo, regarding county assessment funds and property tax collections.

Establishes that 0.5% of ad valorem property tax collections from first and second classification counties and cities, and 1% from third and fourth classification counties, shall be deposited into county assessment funds.

Adds subsection 7 requiring the combined sum of state reimbursements and collection money withheld to total $7 per parcel, with an additional percentage of tax collections deducted if state reimbursements fall short of this amount.

Calculates the additional percentage needed by multiplying $7 by the number of parcels, subtracting the state reimbursement amount, and dividing by total ad valorem property tax billed in the county.

Maintains existing provisions regarding county general revenue contributions to assessment funds and state cost-share eligibility requirements.