MO HB1818

Expands the definition of "residential property" to include time-share units, except those actually rented and subject to sales tax.

Allows taxing districts to adjust operating levies to recoup revenue losses from reclassification of structures with five or more dwelling units, with adjustments capped at the highest tax rate in effect since 1980.

Requires county assessors to consider current market conditions, including foreclosures and bank sales, when establishing property values for assessment purposes.

Applies reclassification of multi-unit residential structures to assessments made after December 31, 1994.