HB 1766 — Modifies provisions relating to personal property assessments

SECOND REGULAR SESSION [PERFECTED] HOUSE BILL NO.

5060H.01I5060H.01P JOSEPH ENGLER, Chief Clerk AN ACT To repeal section 137.073, RSMo, and to enact in lieu thereof one new section relating to personal property assessments.

except that, other provisions of law to the contrary notwithstanding, a school district may levy the operating levy for school purposes required for the current year pursuant to subsection 2 of section 163.021, less all adjustments required pursuant to Article X, Section 22 of the Missouri Constitution, if such tax rate does not exceed the highest tax rate in effect subsequent to the 1980EXPLANATION tax— year.Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is intended to be omitted from the law.

This is the maximum tax rate that may be levied, unless a higher tax rate ceiling is approved by voters of the political subdivision as provided in this section;

EXPLANATION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is intended to be omitted from the law.

HB 1766 2 (4)1980 "Tax revenue", when referring to the previous year, means the actual receipts from ad valorem levies on all classes of property, including state-assessed property, in the immediately preceding fiscal year of the political subdivision, plus an allowance for taxes billed but not collected in the fiscal year and plus an additional allowance for the revenue which would have been collected from property which was annexed by such political subdivision but which was not previously used in determining tax revenueyear. pursuant to this section.

This is the maximum tax rate that may be levied, unless a higher tax rate ceiling is approved by voters of the political subdivision as provided in this section;

(4) "Tax revenue", when referring to the previous year, means the actual receipts from ad valorem levies on all classes of property, including state-assessed property, in the immediately preceding fiscal year of the political subdivision, plus an allowance for taxes billed but not collected in the fiscal year and plus an additional allowance for the revenue which would have been collected from property which was annexed by such political subdivision but which was not previously used in determining tax revenue pursuant to this section.

Any political subdivision that has received approval from voters for a tax increase after August 27, 2008, may levy a rate to collect substantially the same amount of tax revenue HB 1766 3 as the amount of revenue that would have been derived by applying the voter-approved increased tax rate ceiling to the total assessed valuation of the political subdivision as most HB 1766 3 recently certified by the city or county clerk on or before the date of the election in which such increase is approved, increased by the percentage increase in the consumer price index, as provided by law, except that the rate shall not exceed the greater of the most recent voter- approved rate or the most recent voter-approved rate as adjusted under subdivision (2) of subsection 5 of this section.

The HB 1766 4 adjustment computed herein shall be multiplied by one hundred, rounded to four decimals in the manner provided in this subsection, and added to the initial rate computed for each class HB 1766 4 or subclass of property.

Such revision by the political subdivision shall be made at the time of the next calculation of the tax rate for the particular subclass of real property or for personal property, in the aggregate, after the reduction in assessed valuation has been determined and shall be calculated in a manner that results in the revised HB 1766 5 tax rate ceiling being the same as it would have been had the corrected or finalized assessment been available at the time of the prior calculation;

HB 1766 5 (b) In addition, for up to three years following the determination of the reduction in assessed valuation as a result of circumstances defined in this subdivision, such political subdivision may levy a tax rate for each purpose it levies taxes above the revised tax rate ceiling provided in paragraph (a) of this subdivision to recoup any revenues it was entitled to receive had the corrected or finalized assessment been available at the time of the prior calculation.

The state tax commission shall certify the increase in such index on the latest twelve-month basis available HB 1766 6 on February first of each year over the immediately preceding prior twelve-month period in order that political subdivisions shall have this information available in setting their tax rates HB 1766 6 according to law and Section 22 of Article X of the Constitution of Missouri.

the amount of revenue which would have been derived by applying the voter-approved increased tax rate ceiling to total assessed valuation of the political subdivision, as most recently certified by the HB 1766 7 city or county clerk on or before the date of the election in which such increase is approved, increased by the percentage increase in the consumer price index, as provided by law.

Such HB 1766 7 adjusted tax rate ceiling may be applied to the total assessed valuation of the political subdivision at the setting of the next tax rate.

HB 1766 8 Where the taxing authority is a school district, such blended rate shall also be used by such HB 1766 8 school district for calculating revenue from state-assessed railroad and utility property as defined in chapter 151 and for apportioning the tax rate by purpose.

The taxing authority shall have fifteen days from the date of receipt from the county clerk of the state auditor's findings and any request for supporting documentation to accept or reject in writing the rate change certified by the state auditor and to submit all requested information to HB 1766 9 the state auditor.

A copy of the taxing authority's acceptance or rejection and any information HB 1766 9 submitted to the state auditor shall also be mailed to the county clerk.