Proposes a constitutional amendment relating to real property tax assessments
The passage of HJR80 would notably influence the way in which property assessments are conducted statewide. Particularly for residential properties, the amendment mandates that starting January 1, 2023, the assessed value will be determined based on the most recent property assessment, or the sale value if recently sold. This change is posited to simplify the assessment process and provide a more consistent valuation for tax purposes. One significant aspect is the limit imposed on property valuation increases due to reassessment, ensuring these will not exceed a certain threshold linked to the consumer price index or a 2% annual increase.
HJR80 proposes a significant amendment to the Constitution of Missouri pertaining to property tax assessments. This joint resolution seeks to repeal existing provisions of Section 4(b) of Article X, which governs how property is assessed for tax purposes. The proposed amendment aims to establish a new framework for assessing properties based on their classifications, including residential, agricultural, and commercial property. Notably, the bill specifies that properties categorized under classes 1 and 2 will have their value or a fixed percentage of their value assessed for taxation according to the law, while class 3 properties will be taxed within the limits set forth by the law based on their yield.
As with any constitutional amendment, HJR80 has sparked discussions regarding its fairness and implications on taxation. Supporters argue that the more structured approach to property assessments will lead to equitable taxation and reduce the likelihood of arbitrary increases in property taxes, thus providing predictability to property owners. On the other hand, there are concerns that the new approach could limit local governments' flexibility in managing property tax structures, particularly in adapting to economic needs specific to their communities. This contention underscores the ongoing debate about the balance between state regulation and local autonomy in tax matters.