- Introduced -

SB 960 - This act makes technical clarifications to various provisions of the property tax law that were changed in HB 1150, et. al. (2002). The act clarifies that the inflationary growth factor allowed to be applied for each class or subclass of property upon reassessment may differ among such types of property. The limit for growth will be equal to the actual assessment in such class or subclass. However, the net limit for the political subdivision will still be the C.P.I., or 5%, as set by the Constitution.

The act clarifies that when a rate must be revised-up to hold the political subdivision harmless after making the above calculation, such revision will be weighted based on the relative assessed valuation of the class or subclass of property. The act further describes this calculation.

The act clarifies that when rolling-back a rate, a political subdivision that is not a school district must start its calculation with the actual amount levied in the prior year, and not any other number.

The act requires that all existing and any future rules or forms interpreting the rate calculation in Section 137.073, RSMo, must be submitted to the Joint Committee On Administrative Rules for approval.

JEFF CRAVER