Modifies provisions relating to the determination of assessed values of motor vehicles
The main impact of SB1139 is on local tax assessment practices, particularly concerning how motor vehicles are valued for taxation. By establishing a clearer and systematic approach to valuation, the bill aims at reducing discrepancies and promoting fairness in property taxation for vehicle owners. The proposed changes would likely affect both the operation of local assessors and taxpayers alike, as vehicle owners may experience changes in their tax obligations depending on the implementation of the new assessment methods.
Senate Bill 1139, introduced by Senator Crawford, seeks to modify the provisions related to the assessment of motor vehicles for tax purposes in the state of Missouri. The bill proposes new criteria and procedures for how motor vehicles are valued, which includes the assessment of all personal property at one-third of its true value. It also stipulates that new assessed values for real property must be determined every odd-numbered year and applicable for the following even-numbered year. This provision is aimed at providing consistent and fair evaluations across the board for vehicle assessments.
One of the notable points of contention surrounding this bill may be related to the perceived complexity and administrative burden it imposes on local assessors. Some stakeholders might argue that these new procedures could create confusion or lead to potential errors in valuation. Additionally, concerns may arise from vehicle owners who might find their assessments changing in ways that could increase their tax liability unexpectedly. The bill includes an emergency clause indicating that its provisions are deemed necessary for the immediate preservation of public health, welfare, peace, and safety, underscoring the urgency put forth by its proponents.