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SB 1140 - This act requires political subdivisions to provide additional information to taxpayers prior to the public hearing held prior to the setting of tax rates. This act requires certain assessors to uniformly assess residential property under the uniform statewide cost system created by the State Tax Commission by January 1, 2010. The State Tax Commission must create or select an existing uniform statewide cost system or manual for property tax reassessment no later than January 1, 2008. The State Tax Commission will oversee the education and certification of all assessors and certain assessor staff. The State Tax Commission must create a form, to be supplied to title insurance agents and real estate agents, requesting the voluntary disclosure of residential sales information from certain purchasers of residential property to be completed upon closing. Such form may be completed by voluntarily disclosing sales information or checking a box declining to provide such information. Such form shall specifically state that the information provided will be held confidential, shall not be considered a public document under Missouri's Sunshine Law, and will only be used by the county assessor, the State Tax Commission and the County Board of Equalization to ensure accurate reassessments of property in the county. This act also transfers the duty of examining and certifying sales ratio studies from the Department of Elementary and Secondary Education to the Joint Committee on Tax Policy. JASON ZAMKUS
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