SCS/HCS/HB 506 - Under current law, political subdivisions that levy different rates on subclasses of real property are required to revise their rates if the amount of revenue derived differs from the amount that would result from using a single rate on all real property. This act would require school districts that levy different rates on subclasses of real property, due to a ballot measure approved by voters prior to January 1, 2011, to revise their tax rates if the amount of revenue derived differs from the amount that would result from using a blended rate on all real property.
This act also allows any political subdivision that approved a tax increase after August 27, 2008, to levy a rate to collect substantially the same amount of tax revenue as would have been collected by applying the voter-approved increased tax rate ceiling to the total assessed valuation of the political subdivision on or before the election date, increased by the percentage increase in the federal Consumer Price Index.
The act increases the number of years before a newly constructed residential property which has never been occupied is assessed as improved property for property tax purposes from the second year following the year the construction on the home was completed to the fourth year. This provision will apply to those counties, including St. Louis City, in which the governing body has previously adopted or hereafter adopts these provisions.
Currently, the owner of record of real property located within a transportation development district without residents is allowed one vote per acre. This act allows the owner of record of real property located within a district without residents which was formed as a joint establishment to have one vote per acre.