MO HB506

Revises property tax levy calculation methods to allow political subdivisions to adjust tax rates based on changes in assessed valuations of different property subclasses, while maintaining revenue consistency.

Modifies the tax rate ceiling limitation to the greater of the most recent voter-approved rate or the most recent voter-approved rate as adjusted for consumer price index increases.

Changes the assessment timeline for newly constructed residential property from the second year following completion to the fourth year if the property remains unoccupied.

Allows school districts that levied separate tax rates on different property subclasses before January 1, 2011, to use a blended rate calculation method when applying voter-approved rate increases.

Updates transportation development district provisions to clarify voting eligibility and terminology regarding voter approval requirements for tax increases and district establishment.