MO SB1011

Repeals and re-enacts section 137.720, RSMo, governing ad valorem property tax deductions deposited into county assessment funds.

Establishes permanent baseline deduction of 0.5% for first and second class counties and cities not within a county, and 1% for third and fourth class counties.

Prior to July 1, 2009, allows additional deductions of 0.125% for first class counties and chartered counties (capped at $100,000 annually) and 0.25% for second through fourth class counties (capped at $50,000 annually).

Effective July 1, 2009, increases additional deductions to 0.125% for first class and chartered counties (capped at $125,000 annually) and 0.5% for second through fourth class counties (capped at $75,000 annually), with these provisions expiring December 31, 2015.

Allows counties receiving state reimbursement below $4 per parcel to deduct an additional percentage of ad valorem property tax collections to fund assessments, with the percentage calculated by dividing the appropriation shortfall by total ad valorem property taxes billed.