Modifies provisions relating to property tax assessments
Impact
This bill could significantly influence state laws associated with property taxation, especially impacting residential owners. Starting January 1, 2025, property owners would see their assessed property values based on previous assessments, limiting drastic increases in property taxes. This potential decrease in rate variability aligns with the desire to provide more predictability and fairness in tax assessments for residents, particularly in a state grappling with fluctuating real estate markets.
Summary
SJR90 proposes an amendment to the Missouri Constitution regarding property tax assessments. Specifically, the bill aims to repeal the existing Section 4(b) of Article X and establish a new framework for how property is assessed for taxation purposes. The proposed changes classify property into various subclasses, detailing that property will be assessed at its value or a percentage of its value as determined by law. Importantly, residential property will have its assessed value set based on the most recent assessment, which could fundamentally alter how property taxes are calculated for homeowners across the state.
Contention
Discussions surrounding SJR90 may highlight notable points of contention among lawmakers and constituents. While supporters argue that the measure could provide relief for homeowners by preventing sudden spikes in property assessments leading to higher taxes, critics might express concern over its impacts on local governance. Detractors argue that such changes could limit the ability of local governments to effectively address community-specific taxation needs and adequately fund local services, thereby raising concerns about whether such a shift is beneficial for all residents.
Proposing to amend section 1 of article 11 of the constitution of the state of Kansas to limit property tax valuation increases for real property and personal property classified as mobile homes.