Missouri residents could get some property tax relief under bill passed by Senate

The Missouri Senate passed legislation that could lead to lower property taxes for residents. The bill, SB 1410, was approved 31-2 and now goes to the House, which has already passed its own property tax legislation. The Senate legislation requires individual assessment of different property tax subclasses, rather than grouping them together, to make taxpayers more likely to benefit from lower tax rates. This change is expected to benefit taxpayers as property tax rates must be lowered if property values rise higher than inflation. The legislation also includes provisions to improve transparency in property tax measures, such as labeling tax ballot measures numerically or alphabetically and describing the effect of tax changes in dollars owed per $100,000 of a property's market valuation. Additionally, the bill simplifies the process for seniors to receive a property tax freeze, eliminating the need for annual reapplications.