MO HB2859

Farm machinery and motor vehicles manufactured 10+ years prior to the current calendar year would become exempt from all state and local personal property taxes, contingent on adoption of a constitutional amendment authorizing the exemption

Personal property assessment rates would be gradually reduced from 33.33% to 16% of true value over a 14-year period beginning in 2027 (30% in 2027, decreasing by 2 percentage points every two years until reaching 16% in 2041)

Motor vehicles valued under $50,000 as of January 1, 2025 cannot be assessed higher than the previous year's assessment, provided the prior assessment was accurate

The definition of "motor vehicles" for the exemption includes standard vehicles, recreational vehicles, trailers, certain aircraft, and historic motor vehicles

Assessors must use trade-in values from nationally recognized automotive publications (NADA, Kelley Blue Book, Edmunds) selected by the state tax commission, and cannot exceed average trade-in value without physical inspection of the vehicle