MO SJR26

Submits to Missouri voters on November 2, 2010, a constitutional amendment repealing and replacing sections 3 and 4(b) of article X relating to property tax assessment

Caps annual increases in assessed valuation of class 1 residential real property at the lesser of the Midwest Region consumer price index increase or 2 percent due to reassessment

Allows assessed value to increase without limitation due to new construction and improvements in years without a transfer of title

Requires reassessment of residential real property to current market value in the year a transfer of title occurs, with the general assembly authorized to define what constitutes a transfer of title

Maintains existing provisions for class 1 property subclassifications (residential, agricultural and horticultural, and utility/industrial/commercial), class 3 property taxation based on annual yield not exceeding 8 percent, and the 33⅓ percent maximum assessment ratio for all classes and subclasses