MO HJR68

Repeals and replaces sections 4(b), 6, and 8 of article X of the Missouri Constitution relating to property taxation, effective January 1, 2011.

Limits tax revenue on class 1 property (residential, agricultural, and commercial) to no more than 1% of true value annually for all state and political subdivision taxes combined.

Exempts all class 2 property (tangible personal property held as inventory by manufacturers, refiners, distributors, wholesalers, and retailers) from taxation beginning January 1, 2011.

Authorizes political subdivisions that lose revenue from the class 2 exemption or the 1% valuation limit to impose a sales and use tax with voter approval in an amount equal to or less than revenue lost.

Reduces the state property tax rate cap on real property from ten cents per hundred dollars of assessed valuation (removing the tangible personal property component).

Requires submission to Missouri voters at the next general election in November 2010 or at a special election called by the governor.