MO HB2923

Creates a 4-year property tax exemption for qualifying improvements to owner-occupied residential properties (up to 4 dwelling units on 5 acres or less), with the exempt improvement value capped at $75,000 in true value

Qualifying improvements must exceed $7,500 in cost and include reconstruction, alterations, additions, or new construction—but exclude ordinary maintenance, new dwelling construction on existing sites, or complete dwelling replacement unless following a catastrophic event

Homeowners must file an intent form with the county assessor before obtaining a building permit (or within 60 days of construction start) and submit a final exemption application within 180 days of project completion

For dwellings damaged by catastrophic events (fire, tornado, flood, etc.), reconstruction within 3 years qualifies for the exemption with higher caps: $75,000 for insured dwellings or $200,000 for uninsured dwellings

The exemption applies uniformly statewide—political subdivisions cannot deny, restrict, or reduce it—and the General Assembly must annually appropriate funds to reimburse local governments for lost revenue