MO HB2627

Beginning January 1, 2027, increases in aggregate personal property valuation from one year to the next shall not be counted as "new construction," which will require political subdivisions to reduce their personal property tax rates to produce substantially the same revenue as the prior year

No revision to the rate of levy for personal property shall cause the levy to increase over the prior year's personal property levy

Authorizes counties and cities not within a county to establish a "totaled motor vehicle personal property tax proration program" allowing taxpayers to receive a prorated property tax credit when their vehicle is declared a total loss during the tax year

The prorated credit is calculated on a monthly basis from the date of vehicle disposition through year-end, and applies to motorcycles owned by individuals and business-use vehicles owned by businesses

Taxpayers must have owned and titled the vehicle as of January 1, be current on all taxes and fees, have transferred the title to the insurance company, and the vehicle must be on the tax roll for the year it was totaled to qualify for the proration program