MO SB671

Restricts assessed value increases for residential real property (subclass 1) during general reassessment to the lesser of Consumer Price Index for Midwest Region or 2 percent, excluding new construction and improvements

Exempts property transfers from increase restrictions when ownership changes; reassessed property upon sale reverts to full true value assessment under section 137.115

Excludes certain transfers from triggering full reassessment: conveyances between relatives within second degree of consanguinity and property exchanges by individuals age 55+ within same county (if new property value not exceeding $1 million more than previous property)

Requires assessors to consider current market conditions including foreclosures, bank sales, and average time on market when determining property values

Makes bill effective only upon passage of constitutional amendment limiting residential property assessed value increases due to reassessment until transfer of ownership occurs