MO HB3242

Caps combined residential property tax levies at 7% of assessed value for properties within incorporated cities, towns, or villages, and 6% for properties in unincorporated county areas

Applies to all taxing authorities including counties, cities, school districts, fire protection districts, library districts, ambulance districts, tax increment financing districts, and other political subdivisions

Requires local officials to proportionally reduce each individual levy if combined levies exceed the applicable cap

Defines "combined real property tax levies" to include debt service, operating expenses, capital improvements, special assessments, and any other property tax levied for any purpose

Does not authorize taxing authorities to exceed levy limits already imposed by the Missouri Constitution