MO SB55

Repeals and replaces section 137.016, RSMo, to redefine real property classifications for taxation purposes under Missouri Constitution article X, section 4(b)

Adds sawmills and planing mills defined under U.S. Department of Labor Standard Industrial Classification (SIC) Manual Industry Group 242 with SIC number 2421 to the definition of agricultural and horticultural property

Allows taxing districts to adjust operating levies to recoup revenue losses from reclassification of residential structures with five or more dwelling units, provided adjustment does not exceed the highest tax rate in effect after 1980

Requires reclassification of multi-unit residential structures to apply to assessments made after December 31, 1994

Establishes property allocation procedures where land serves multiple purposes resulting in different classifications, and classifies forest croplands separately under article X, section 7 implementation laws