Missouri HB2650 reduces the assessment percentage of tangible personal property over five years.

Missouri HB2650 reduces the assessment percentage of tangible personal property over a period of five years. The bill specifies that the assessment percentage will decrease annually, affecting various categories of personal property. It also outlines procedures for property assessments, including the use of comparable properties and physical inspections. The bill includes provisions for the assessment of manufactured homes and certain vehicles, and it allows for the elimination or replacement of personal property taxes with a sales tax.

Missouri HB2650 reduces the assessment percentage of tangible personal property over five years.

Missouri HB2650 reduces the assessment percentage of tangible personal property over a period of five years. The bill specifies that the assessment percentage will decrease annually, affecting various categories of personal property. It also outlines procedures for property assessments, including the use of comparable properties and physical inspections. The bill includes provisions for the assessment of manufactured homes and certain vehicles, and it allows for the elimination or replacement of personal property taxes with a sales tax.