Modifies provisions relating to the duties of the state tax commission

SECOND REGULAR SESSION
HOUSE BILL NO. 3164
103RD GENERAL ASSEMBL Y
INTRODUCED BY REPRESENT A TIVE REEDY .
6964H.01I JOSEPH ENGLER, Chief Clerk
AN ACT
T o repeal section 138.390, RSMo, and to enact in lieu thereof one new section relating to the
duties of the state tax commission.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Section 138.390, RSMo, is repealed and one new section enacted in lieu
2 thereof, to be known as section 138.390, to read as follows:
138.390. 1. The state tax commission shall equalize the valuation of real and tangible
2 personal property among the several counties in the state in the following manner: with the
3 abstracts of all the taxable property in the several counties of the state and the abstracts of the
4 sales of real estate in such counties as returned by the respective county clerks and the
5 assessor of the city of St. Louis, the commission shall classify all real estate situate in cities,
6 towns, and villages, as town lots, and all other real estate as farming lands, and shall classify
7 all tangible personal property as follows: banking corporations, railroad corporations, street
8 railroad corporations, all other corporations, horses, mares and geldings, mules, asses and
9 jennets, neat cattle, sheep, swine, goats, domesticated small animals and all other livestock,
10 poultry , power machinery , farm implements, other tangible personal property .
11 2. (1) The state tax commission shall equalize the valuation of each class or subclass
12 of property thereof among the respective counties of the state in the following manner:
13 [ (1) ] (a) It shall add to the valuation of each class, subclass, or portion thereof of the
14 property , real or tangible personal, of each county which it believes to be valued below its real
15 value in money such amount or percent as will increase the same in each case to its true value;
16 [ (2) ] (b) It shall deduct from the valuation of each class, subclass, or portion thereof
17 of the property , real or tangible personal, of each county which it believes to be valued above
EXPLANA TION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is
intended to be omitted from the law . Matter in bold-face type in the above bill is proposed language.
18 its real value in money such amount or percent as will reduce the same in each case to its true
19 value.
20 (2) (a) For the purposes of this subsection, the state tax commission shall utilize
21 ratio studies to determine whether a class or subclass of prop erty is valued below or
22 above its true value in money .
23 (b) A class or subclass of pr operty shall be consider ed to be valued below its true
24 value in money if:
25 a. The weighted median ratio is less than seventy per cent and the coefficient of
26 dispersion is grea ter than twenty-five per cent; or
27 b. The weighted median ratio is less than seventy per cent and the upper bound
28 of the ninety-five percen t confidence interval for the weighted median is less than
29 seventy perce nt.
30 (c) A class or subclass of pr operty shall be consider ed to be valued above its true
31 value in money if:
32 a. The weighted median ratio is great er than one hundred per cent and the
33 coefficient of dispersion is gr eater than twenty-five per cent; or
34 b. The weighted median ratio is gr eater than one hundr ed perce nt and the upper
35 bound of the ninety-five per cent confidence interval for the weighted median is great er
36 than one hundr ed per cent.
✔
HB 3164 2