MO SB454

Repeals and replaces section 137.115, RSMo, relating to motor vehicle valuations by county assessors.

Requires assessors to use a single nationally recognized guide approved by the state tax commission in conjunction with the association representing the majority of assessors to determine motor vehicle true value for tax purposes.

Allows state tax commission to approve four additional guides, and permits assessors to use lower published trade-in values from any of the four other approved guides if the vehicle owner presents evidence of such lower values.

Maintains existing assessment rates: personal property at 33.33 percent of true value; real property subclass (1) at 19 percent, subclass (2) at 12 percent, and subclass (3) at 32 percent of true value.

Establishes special assessment provisions for airport possessory interests, manufactured homes, historic vehicles, agricultural items, and equipment for pollution control or product retooling in enterprise zones.