May 13, 2008(Key vote)
Title: Property Tax Regulations
Vote Smart's Synopsis:
Vote to pass a bill that changes property tax rates and regulations.
-Mandates that political subdivisions revise rates of levy in the event of changes of assessed valuation of personal property so that substantially the same amount of tax revenue is produced from all taxable property as was produced in the previous year (Sec. 137.073).
-Allows disabled persons and those who are aged 60 or older to defer property taxes on their homestead, in which case the Director of Finance will claim a lien against the property in the amount of the deferred taxes plus interest that is payable upon the transfer of ownership of the homestead, the death of the deferring owner, the removal of the property from Missouri, or if outstanding indebtedness against the property is refinanced (Secs. 135.039, 135.047, and 135.059).
-Requires any increase in the tax rate ceiling to be approved by a vote of the people (Sec. 173.073).
-Requires assessors to notify property owners of increases in valuation either in person or by mail (Sec. 137.180).