MO SB860

Repeals and replaces section 67.110, RSMo, establishing deadlines for political subdivisions to set ad valorem property tax rates for the following year's tax books.

Political subdivisions in non-charter counties must set tax rates by September 1; those in charter counties or independent cities must set rates by October 1 for calendar years after December 31, 2008.

Requires budget officers to present governing bodies with assessed valuations by property category, prior year valuations, required revenue amounts from the budget, and proposed tax rates before rates are fixed.

Mandates at least one public hearing on proposed tax rates with notice published or posted at least seven days in advance, including detailed information on assessed valuations and budget requirements.

Requires political subdivisions to disclose the increase in tax revenue from new construction and improvements, and the dollar and percentage increase from reassessment when proposing tax rates.