MO SB543

Repeals and reenacts section 137.021, RSMo, to establish new requirements for assessing agricultural and horticultural land values based on productive capability.

Requires the state tax commission to promulgate regulations by December 31 of each odd-numbered year establishing values for different grades of agricultural land, effective January 1 of the next odd-numbered year, based on soil surveys, productivity indexes, crop yields, and capitalization rates.

Allows the general assembly to disapprove tax commission valuations within the first 60 calendar days of the regular session following promulgation by concurrent resolution, after which the most recent preceding regulation continues in effect.

Prohibits the state tax commission from increasing agricultural land productive values more than 5 percent above prior values, and prevents any increases if the land is located in a county affected by a presidential or gubernatorial-declared natural disaster within the previous two years.

Prohibits increases to agricultural land productive values if there has been a substantial decrease in global agricultural product prices within the previous two years, with determination made by majority concurrence of the agriculture department director and three legislative committee chairs.