MO SB251

Repeals and replaces sections 137.016 and 137.080 of Missouri law relating to property classification and assessment for tax purposes.

Defines "watercraft" as vessels with bath and toilet facilities, sleeping areas, and kitchen facilities that are eligible for home mortgage interest deduction on federal income tax returns, registered under chapter 306, and used as the taxpayer's principal or temporary residence.

Classifies qualifying watercraft as residential property rather than vehicles/personal property, making them subject to real property tax classification alongside homes and other residential structures.

Excludes watercraft from the vehicle subclass in the tangible personal property classification system used for tax assessment purposes.

Allows taxing districts to adjust operating levies to recoup revenue losses from property reclassifications, limited to the highest tax rate in effect after 1980.