MO HB3271

Requires all Missouri counties and cities to set separate tax levy 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 jurisdictions to use a single blended rate

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

Mandates physical inspections before assessors can increase assessed valuations on residential or commercial real property by more than 15% since the last assessment, excluding new construction or improvements

Removes provisions allowing political subdivisions to adjust tax rates between property subclasses to maintain revenue-neutral outcomes when using the multi-rate approach

Excludes 72% of disputed business personal property value from assessed valuations when calculating tax rates for properties under appeal at the state tax commission or courts