Modifies provisions relating to property tax assessments

SECOND REGULAR SESSION
SENATE JOINT RESOLUTION NO. 113
103RD GENERAL ASSEMBLY
INTRODUCED BY SENATOR NICOLA.
6467S.01I KRISTINA MARTIN, Secretary
JOINT RESOLUTION
Submitting to the qualified voters of Missouri, an amendment repealing section 4(b) of article X
of the Constitution of Missouri, and adopting one new section in lieu thereof relating
to property tax assessments.
Be it resolved by the Senate, the House of Representatives concurring therein:
That at the next general election to be held in the 1
state of Missouri, on Tuesday next following the first Monday 2
in November, 2026, or at a special election to be called by 3
the governor for that purpose, there is hereby submitted to 4
the qualified voters of this state, for adoption or 5
rejection, the following amendment to article X of the 6
Constitution of the state of Missouri:7
Section A. Section 4(b), article X, Constitution of 1
Missouri, is repealed and one new section adopted in lieu 2
thereof, to be known as section 4(b), to read as follows:3
Section 4(b). 1. Property in classes 1 and 2 and 1
subclasses of those classes, shall be assessed for tax 2
purposes at its value or such percentage of its value as may 3
be fixed by law for each class and for each subclass. 4
Property in class 3 and its subclasses shall be taxed only 5
to the extent authorized and at the rate fixed by law for 6
each class and subclass, and the tax shall be based on the 7
annual yield and shall not exceed eight percent thereof. 8
Property in class 1 shall be subclassed in the following 9
classifications: 10
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(1) Residential property; 11
(2) Agricultural and horticultural property; 12
(3) Utility, industrial, commercial, railroad, and all 13
other property not included in subclasses (1) and (2) of 14
class 1. 15
Property in the subclasses of class 1 may be defined by law, 16
however subclasses (1), (2), and (3) shall not be further 17
divided, provided, land in subclass (2) may by general law 18
be assessed for tax purposes on its productive capability. 19
The same percentage of value shall be applied to all 20
properties within any subclass. No classes or subclass 21
shall have a percentage of its true value in money in excess 22
of thirty-three and one-third percent. 23
2. (1) Notwithstanding the provisions of subsection 1 24
of this section or section 3 of this article to the 25
contrary, beginning January 1, 2027, for all residential 26
real property, including such property used for single 27
family or multiple-unit residential rentals, the true value 28
of such property shall be deemed to be the same value 29
determined at the most recent previous assessment of the 30
property. 31
(2) Notwithstanding the provisions of subdivision (1) 32
of this subsection to the contrary, in a new assessment or 33
reassessment of residential real property, the assessed 34
valuation of such property may be increased from the 35
assessed valuation of such property determined at its most 36
recent previous assessment, provided that such increase does 37
not exceed the change in the consumer price index since the 38
most recent previous assessment or up to a two-percent 39
annual increase in the assessed valuation of the property, 40
whichever is less. Such limited increase may be exceeded to 41
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reflect the value added to the property as a result of new 42
construction or improvements made to the property as 43
determined by the county appraisal system. 44
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