Missouri House Bill HB2029

Missouri 2022 Regular Session

• Introduced: 1/5/22
• Refer: 5/13/22

Caption

Changes the laws regarding real property to require the filing of a certificate of value before transferring interest in real property

Impact

The implementation of HB 2029 is expected to have significant implications for real estate practices within the state. By mandating a certificate of value, the bill seeks to establish a standardized approach to property valuations during transfers, thereby aiding in tax assessments and potentially reducing disputes over property values. The enhanced requirements may also benefit local governments by ensuring that they receive accurate information pertinent to property tax assessments, contributing to more effective tax revenue management.

Summary

House Bill 2029 proposes changes to the laws governing real property transactions by requiring a certificate of value to be filed prior to the transfer of interest in real property. This new requirement aims to streamline the process of property transfers and increase transparency in real estate transactions, as the certificate will detail the consideration of the transaction. The bill reflects a broader objective to enhance the documentation and regulation of real estate conveyances, ensuring that all transfers are properly recorded and valued.

Contention

While HB 2029 has its proponents who cite the necessity for improved regulation and transparency in property transactions, there are concerns regarding the potential administrative burden this may place on individuals and small businesses involved in real estate transfers. Critics argue that the additional paperwork and requirements could complicate the transfer process and deter some parties from participating in real estate transactions. The balance between regulatory oversight and the practicality of real estate dealings appears to be a notable point of contention among stakeholders.