Senate Bill No. 1064 Summary

• Repeals and reenacts Section 137.073, RSMo, governing property tax rate calculations and adjustments in Missouri

• Requires political subdivisions to revise tax rates whenever assessed valuations change to produce substantially the same tax revenue as the prior year, excluding new construction and improvements

• Establishes that tax rate ceilings cannot be increased without voter approval, with adjustments allowed for inflationary assessment growth limited to the lesser of actual assessment growth or 5 percent

• Mandates the State Tax Commission certify annual Consumer Price Index increases to county clerks by February 1st, and requires State Auditor review of all proposed tax rates for compliance within 15 days

• Authorizes taxpayers to bring class action lawsuits against taxing authorities for non-compliance, with courts awarding reasonable attorney's fees and costs to prevailing plaintiffs