MO HB2671

Requires all Missouri counties and cities not within a county to set separate tax rates for each subclass of real property (residential, agricultural, commercial) and personal property beginning January 1, 2027, eliminating the current opt-out provision that allowed some jurisdictions to use a single blended rate

Prohibits the personal property tax levy from increasing over the prior year's levy, and caps motor vehicle assessments at the previous year's assessed value for vehicles worth less than $50,000 as of January 1, 2025

Mandates that political subdivisions revise tax rates separately for each property subclass to produce substantially the same revenue as the previous year, with inflationary growth limited to the lesser of actual assessment growth, consumer price index, or 5%

Removes provisions allowing certain school districts to use blended tax rates when voters approved separate rates before January 1, 2011, and eliminates the revenue equalization calculation between single-rate and multi-rate approaches

Requires taxing authorities to exclude 72% of disputed business personal property value from assessed valuation calculations when setting rates, with the state tax commission providing disputed property totals by August 20th annually