MO HB3476

Beginning January 1, 2027, the State Tax Commission must calculate statewide valuation increases for each real property subclass and adjust assessment ratios to limit assessed value growth to the previous reassessment year's value plus inflationary growth, capped at the Consumer Price Index or 5%, whichever is lower.

Current assessment rates (19% for residential, 12% for agricultural, 32% for commercial/utility, 33.33% for personal property) become base year values starting January 1, 2027, from which future ratio adjustments will be calculated.

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.

Assessors must provide the State Tax Commission with property values needed to calculate assessment ratios by March 1 of odd-numbered years, with calculated ratios returned to assessors by March 15; any value changes reported after ratio calculation are deferred to the next reassessment year.

Extends the deadline for county clerks to prepare assessment book abstracts from March 15 to March 30, and extends political subdivisions' projected tax levy deadline from April 8 to April 15.