HB2415

HB2415 establishes a definition of "assessment value" for real property assessment purposes in Missouri.

HB2415 defines "assessment value" for real property assessment purposes in Missouri. It specifies that terms like "assessed valuation" and "market value" refer to "assessment value." For buildings, this value is determined using the replacement cost approach adjusted by construction quality. For land, the value is determined by the market. The bill also defines "residential property" and "agricultural and horticultural property," and it excludes urban and community gardens from the definition of residential property.