Missouri HJR 5: Reduces property tax assessments on senior citizens and disabled persons by fifty percent

Bill Text

FIRST REGULAR SESSION
HOUSE JOINT
RESOLUTION NO. 5
102ND GENERAL ASSEMBLY
INTRODUCED BY REPRESENTATIVE TERRY.
0161H.01I DANA RADEMAN MILLER, Chief Clerk
JOINT RESOLUTION
SubmittingtothequalifiedvotersofMissourianamendmentrepealingSection4(b)ofArticle
X of the Constitution of Missouri, and adopting one new section in lieu thereof
relating to property tax.
Be it resolved by the House of Representatives, the Senate concurring therein:
That at the next general election to be held in the state of Missouri, on Tuesday next
2 following the first Monday in November, 2024, or at a special election to be called by the
3 governor for that purpose, there is hereby submitted to the qualified voters of this state, for
4 adoptionorrejection,thefollowingamendmenttoArticleXoftheConstitutionofthestateof
5 Missouri:
Section A. Section 4(b), Article X, Constitution of Missouri, is repealed and one new
2 section adopted in lieu thereof, to be known as Section 4(b), to read as follows:
Section 4(b). 1. Property in classes 1 and 2 and subclasses of those classes[,] shall be
2 assessed for tax purposes at its value or such percentage of its value as may be fixed by law
3 for each class and for each subclass. Property in class 3 and its subclasses shall be taxed only
4 to the extent authorized and at the rate fixed by law for each class and subclass, and the tax
5 shall be based on the annual yield and shall not exceed eight percent thereof. Property in
6 class 1 shall be subclassed in the following classifications:
7 (1) Residential property;
8 (2) Agricultural and horticultural property;
EXPLANATION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is
intended to be omitted from the law. Matter in bold-face type in the above bill is proposed language.

9 (3) Utility, industrial, commercial, railroad, and all other property not included in
10 subclasses (1) and (2) of class 1.
11
12 Property in the subclasses of class 1 may be defined by law, however subclasses (1), (2), and
13 (3)shall not be furtherdivided, provided, landin subclass(2) may by generallaw be assessed
14 for tax purposes on its productive capability. The same percentage of value shall be applied
15 toallpropertieswithinanysubclass. Noclassesorsubclassshallhaveapercentageofitstrue
16 value in money in excess of thirty-three and one-third percent.
17 2. Beginning January 1, 2023, property that is owned by an individual who is
18 sixty-five years of age or older or an individual who is permanently disabled under
19 federal law or under the laws of this state, and who has a Missouri taxable income of
20 fifty thousand dollars or less, or seventy-five thousand dollars or less if such taxpayer is
21 married and filing jointly, shall be assessed at fifty percent of the value at which such
22 property would otherwise be assessed under subsection 1 of this section.
✔
HJR 5 2