MO HB1092

Creates a new section 137.081 in Missouri law allowing property owners to remove commercial real property destroyed by natural disasters from the tax book for the current year if the improvement is unusable.

Property must be removed on a pro rata basis, with applications processed by the county assessor if filed before July 1st, or by the county board of equalization if filed on or after July 1st.

Upon issuance of a certificate of occupancy or determination that the property is suitable for commercial use, the property shall be reassessed and taxed on a prorated basis for the remaining year at established tax rates.

Property owners must provide a list of destroyed property to the county assessor; fraudulent claims result in double assessment of falsely claimed property in addition to other legal penalties.

Political subdivisions may recover lost tax revenue by adjusting tax rates in the following tax year by an amount not exceeding the revenue loss caused by this section, with the provisions becoming effective upon county adoption and remaining in effect until repealed by the governing body.