SCS/HCS/HJR 43 - Under current law, the only way to create a property tax exemption is through the passage and approval of a constitutional amendment. This constitutional amendment, if approved by voters, would allow the general assembly to create exemptions from taxation for items of personal property through the enactment of general laws. Provisions of Missouri's Hancock Amendment are modified to require political subdivisions to roll-back their maximum authorized levy and their current rate of tax due to increases in assessed value which are greater than the inflation rate. The provisions of the newly modified Hancock Amendment would not apply to school districts authorized by the Constitution to levy a tax of two dollars and seventy-five cents on the hundred dollars assessed valuation, but would apply to the Merchants and Manufacturers replacement tax. JASON ZAMKUS
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