MO HB602

Repeals section 137.720, RSMo and enacts a new section establishing the deduction percentages for property tax collections deposited into county assessment funds.

Requires 0.5% of ad valorem property tax collections from first and second classification counties and cities not within a county, and 1% from third and fourth classification counties, to be deposited into assessment funds.

Establishes additional deductions effective July 1, 2009: 0.125% for first classification counties and charter counties (capped at $125,000 annually) and 0.5% for second through fourth classification counties (capped at $75,000 annually).

Removes the December 31, 2015 expiration date on subsections 2, 3, and 5, making the additional assessment fund deduction requirements permanent.

Allows counties to withhold state reimbursement funds if general revenue contributions to assessment funds are not made as required by maintenance plans.