MO SB1203

Ballot measures proposing real property tax changes must express the effect in terms of dollar change per $100,000 of market valuation

Reduces the inflationary growth cap on property tax levies from 5% to 3% beginning January 1, 2027, limiting how much political subdivisions can increase tax rates based on assessment growth

Lowers the personal property assessment rate from 33.33% to 32% of true value beginning January 1, 2027, and freezes motor vehicle assessments at prior year levels for vehicles valued under $50,000

Establishes a flat 4.7% individual income tax rate beginning January 1, 2027 (replacing the graduated bracket system), with potential further reductions of 0.1% per year contingent on revenue growth exceeding $175 million

Increases the Missouri standard deduction by $4,000 above the federal standard deduction beginning January 1, 2027, and repeals the Missouri Working Family Tax Credit