SB 579
Modifies provisions relating to property tax assessments
Sponsor:
LR Number:
3476S.01I
Committee:
Last Action:
1/9/2020 - Second Read and Referred S Ways and Means Committee
Journal Page:
S74
Title:
Calendar Position:
Effective Date:
August 28, 2020

Current Bill Summary

SB 579 - This act modifies several provisions relating to property tax assessments.

PROPERTY TAX REVENUE GROWTH LIMIT

Current law allows for inflationary assessment growth for real and personal property within a political subdivision, with the inflationary growth factor limited to the actual assessment growth, exclusive of new construction and improvements, but not to exceed inflation or five percent, whichever is lower.

This act modifies the inflationary growth factor to the actual assessment growth, exclusive of new construction and improvements, but not to exceed 80% of inflation or five percent, whichever is lower. (Section 137.073)

PROPERTY ASSESSMENT GROWTH

Current law requires assessors to assess real property on January 1 of each odd-numbered year, and to apply such assessed values in the following even-numbered year. This act provides that if the new assessed value exceeds the assessed value of the property from the previous odd-numbered year by more than 15%, half of such growth in assessed value shall be applied in the current odd-numbered year, and the remaining amount shall be applied in the following even-numbered year.

For residential real property, current law requires county assessors to make a physical inspection of a property prior to increasing the assessed valuation of such property by more than fifteen percent over the prior assessed valuation. Additionally, the St. Louis County assessor is required to send notice to property owners when increasing the assessed valuation by more than fifteen percent, and such property owners may request an interior inspection. This act applies such notification and physical inspection provisions to all counties in the state. (Section 137.115)

This provision is identical to a provision contained in HCS/SS#2/SB 704 (2020) and HCS/SB 676 (2020), and is substantially similar to a provision contained in HCS/SS/SCS/SB 570 (2020) and HB 1710 (2020).

PROPERTY ASSESSMENT APPEALS

This act provides that any assessed valuation for a parcel of residential real property that exceeds the previous assessed value for such property by more than 15% shall be automatically reviewed by the county board of equalization, regardless of whether the property owner has filed a timely appeal. The assessor shall notify the property owner in writing that the assessed valuation is being reviewed and that the property owner shall be entitled to be heard at the hearing of the board of equalization. (Section 137.180)

For property assessment appeals to the boards of equalization in the City of St. Louis, St. Charles County, and St. Louis County, current law provides that the assessor shall have the burden to prove that the valuation does not exceed the true market value of the property. Additionally, if a physical inspection of a property is required for assessment, the assessor shall have the burden to prove that such inspection was performed. If the assessor fails to provide sufficient evidence that the inspection was performed, the property owner shall prevail on the appeal as a matter of law.

This act applies such provisions to all counties. (Section 138.060)

This provision is identical to SB 655 (2020), is substantially similar to HB 2047 (2020) and to a provision contained in HB 1710 (2020) and HCS/SS#2/SB 704 (2020), and is similar to a provision contained in HCS/SS/SCS/SB 570 (2020) and HB 1409 (2020).

JOSH NORBERG

Amendments

No Amendments Found.