MO HJR76

Repeals and replaces Section 6 of Article X of the Missouri Constitution relating to property tax exemptions and replacement taxes.

Exempts from taxation: state and local government property, nonprofit cemeteries, industrial inventories of manufacturers and refiners, goods and merchandise held for resale by wholesalers and retailers, and property used for religious worship, schools, charities, agricultural societies, and veterans' organizations.

Imposes a countywide replacement tax on subclass 3 of class 1 property to compensate taxing authorities for revenue lost from exempting business personal property, with the tax rate capped at the initial rate imposed during a county's first general reassessment.

Eliminates the replacement tax entirely for any tax year beginning on or after January 1, 2019.

Allows tax rate decreases if approved by either county voters or the county governing body, and requires automatic rate reductions when assessed property value increases exceed inflation.