MO HB285

Adds sawmills and planing mills defined under U.S. Department of Labor Standard Industrial Classification (SIC) numbers 2421, 2426, or 2429 to the definition of "agricultural and horticultural property" for property tax classification purposes.

Allows taxing districts to adjust their operating levies to recoup revenue losses resulting from the reclassification of structures with five or more dwelling units from one property class to another, up to the highest tax rate in effect after 1980.

County assessors must provide information to taxing districts regarding the difference in assessed valuation caused by the change in property classification.

Reclassification of multi-unit residential structures applies to assessments made after December 31, 1994.

Requires allocation of property value by county assessors when real property is used for multiple purposes resulting in different classifications.