HCS/SS/SB 264 - All real property which is improved by a structure which is used or intended to be used for human occupants is to be classified as residential property. Currently, structures with 5 or more dwelling units, condominiums, cooperative housing associations, or independent living facilities for the elderly are excluded from the residential property definition. Residential property shall not include similar facilities which are used primarily for transient housing. A portion of certain privately owned airports, exclusive of structures, shall be reclassified as agricultural and horticultural property.

Any taxing district losing revenue because of this change may adjust its operating levy, not to exceed the highest tax rate in effect subsequent to the 1980 tax year, to recover such loss. The manufacturers and merchandisers surtax will not be included in the lost revenue that is allowed to be recouped.

This reclassification shall apply to assessments made after December 31, 1994.

In certain counties, newly constructed residential property is placed on the property tax books on the first day of the month following occupancy, unless the property is occupied after September 1. In such case, the property is not assessed until the following year. This act removes the September 1 cut-off date and permits assessment throughout the year in such counties.

Up to ten percent of all ad valorem property tax collections on newly constructed and occupied residential property collected by each taxing authority within St. Louis County shall be used for assessment costs. In all other first class counties the amount to be used for assessment costs is one-tenth of one percent. This provision must be adopted by the county council to become effective.

This act requires assessors in first class noncharter counties and the City of St. Louis to omit assessing personal property tax penalties if the neglect was unavoidable and not willful and falls into one of the enumerated categories.
TOM CRAWFORD