SB 501 - This act limits increases in assessed value of residential real property, not subject to transfers of ownership, during reassessment years to the lesser of the percentage increase in the consumer price index for the Midwest Region or two percent. Residential real property will only be subject to reassessment upon a transfer of ownership. Certain transfers between family members and transfers made by people age fifty-five and older will not trigger reassessment. Every county and the City of St. Louis is required to impose a split-rate property tax for each subclass of property.
Taxpayers may dispute assessed values by hiring appraisers who meet certain accreditation requirements. Appraisals provided by such appraisers will form the basis for determining assessed value. This act subjects all school districts in the state to the property tax rate roll-back requirements created by the enactment of Senate Bill 711 (2008). The state tax commission is required to create informational pamphlets, to be included in assessment increase notices provided by assessors, which will provide taxpayers with information regarding the process and time-line for appealing assessments.
The provisions of this act will only become effective upon passage of a constitutional amendment limiting increases in assessed value of residential real property, due to reassessment, until a transfer of ownership occurs.