MO SB776

Repeals a provision in Missouri law that reduced the assessed value of possessory interests in real property at FAR Part 139 certified commercial airports owned by political subdivisions by subtracting costs paid by non-governmental parties for improvements completed after January 1, 2008.

Eliminates the special valuation method for airport property leases that allowed deduction of private party construction and improvement costs from the property's true value for tax assessment purposes.

Maintains standard property assessment procedures for all real property, including possessory interests, without the airport-specific adjustment that previously applied.