Missouri 2024 Regular Session

Missouri House Bill HB2110

Introduced
1/3/24  

Caption

Modifies provisions relating to property tax assessments of certain stationary property

Impact

The bill would significantly alter the current assessment process for business personal property by providing a clearer framework for valuing such property that extends to its economic and functional obsolescence. Starting from January 1, 2025, the provisions of the bill will also impact real property used for specific purposes, enabling a uniform depreciation assessment for these properties as well. The requirement for businesses to provide detailed reporting to assessors could lead to more accurate valuations but may also increase administrative burdens on both taxpayers and local municipalities.

Summary

House Bill 2110 modifies provisions related to property tax assessments specifically for certain types of property, including business personal property and stationary property used for the transportation or storage of liquid and gaseous products. The bill aims to establish uniformity in the assessment of depreciable tangible personal property by requiring assessors to apply standardized depreciation schedules to determine the assessed valuation. This change is intended to facilitate a more consistent method for property valuation across different tax jurisdictions in the state.

Contention

Notable points of contention surrounding HB 2110 could revolve around the balance between establishing uniform property tax assessment practices and the potential implications for local governments that currently have the autonomy to set their own assessment standards. Critics may express concerns about the adequacy of the standardized depreciation schedules, questioning whether they truly reflect the economic realities faced by businesses and their properties. Additionally, there may be debates on how these changes could affect small versus larger firms and whether it disproportionately benefits certain sectors over others.

Companion Bills

No companion bills found.

Similar Bills

No similar bills found.