Missouri Senate Bill SJR15

Missouri 2023 Regular Session

• Introduced: 1/4/23
• Refer: 1/19/23

Caption

Allows real property assessments to be limited by law

Impact

If passed, SJR15 would significantly alter the landscape of property tax assessments in Missouri. It would provide statutory authority to limit the increases in property assessed values, which could have repercussions for local governments that rely heavily on property tax revenue. By establishing clearer categories and subcategories of property classification, the bill aims to ensure a more standardized tax assessment process, potentially reducing the tax burden on property owners while also aiming to create a more stable revenue stream for local jurisdictions.

Summary

Senate Joint Resolution No. 15 (SJR15) proposes to amend the Missouri Constitution by repealing section 4(b) of article X and adopting a new provision related to property tax assessments. This resolution aims to allow limitations on the growth of assessed property values, specifically addressing the assessment of different classes and subclasses of property. The proposed changes would enable the General Assembly to set regulations that could cap how much the assessed value of class 1 property—including residential, agricultural, and commercial—can increase during each assessment period.

Sentiment

Discussions around SJR15 have illustrated a mixed sentiment among lawmakers and constituents. Proponents argue that the bill is a necessary reform to protect property owners from drastic increases in assessments, particularly in a volatile real estate market. However, opponents express concern that imposing limits on property tax assessments could curtail local governments' ability to adequately fund services and infrastructure, potentially leading to budgetary shortfalls and negatively impacting community services.

Contention

Key points of contention regarding SJR15 center on the balance between providing taxpayer relief and ensuring local governments have sufficient funding. Critics question whether the new assessments, mandated by this resolution, will lead to equitable taxation across different property classes or if they will disproportionately benefit certain groups at the expense of public services. Additionally, there are concerns regarding potential legal implications and the administrative challenges of implementing such a constitutional amendment.