MO HB1647

Reclassifies watercraft with bath, toilet, sleeping, and kitchen facilities as residential property rather than tangible personal property for property tax purposes.

Watercraft must be registered under Missouri law, eligible for federal home mortgage interest deduction, and used as the taxpayer's principal or temporary residence to qualify for residential classification.

Allows taxing districts to adjust operating levies to recoup revenue losses from reclassification of multi-unit residential structures, provided the adjustment does not exceed the highest tax rate in effect since 1980.

Reclassification applies to property assessments made after December 31, 1994, and requires county assessors to provide information to taxing districts regarding changes in assessed valuation.

Removes watercraft from the tangible personal property vehicle subclass and adds them to the residential property definition under Missouri's property tax code.