MO HB60

Repeals previous versions of section 137.115 relating to property assessment and enacts a new version establishing assessment percentages for different property classes.

Establishes assessment rates of 19% for subclass (1) real property, 12% for subclass (2), and 32% for subclass (3), and 33⅓% for personal property.

Caps annual increases in assessed valuation of principal residences for qualified taxpayers (age 65+ or disabled with federal adjusted gross income not exceeding $72,380.80 in 2012) to match the percentage increase in their Social Security benefits, excluding improvements.

Limits the exemption to principal residences and applies only after the taxpayer reaches age 65 or becomes disabled; reverts to standard assessment upon conveyance to a non-qualified taxpayer.

Sunsets the Social Security-linked assessment cap provision on December 31, 2017 unless reauthorized by the legislature, with additional sunset provisions if the program is subsequently reauthorized.