MO SB493

Applies to third classification counties without township government, with 14,000-16,000 inhabitants, and a county seat city with 5,000-6,000 inhabitants.

County governing body must hold public hearing with 30 days notice to affected political subdivisions and 20-30 days newspaper notice before designating an area as blighted.

Blighted area designation expires after 25 years and becomes effective upon ordinance adoption by county governing body.

Property improvements in blighted areas made after August 28, 2012 may be exempt from ad valorem taxes for up to 25 years, subject to county authorization resolution specifying exemption percentage, duration, and affected political subdivisions.

County must hold second public hearing with certified mail notice and 20-30 days newspaper notice before granting any tax exemption; assessor must still calculate equalized assessed value annually and maintain payments in lieu of taxes as specified in related statutes.