Modifies property tax classifications and assessment procedures in Missouri.
The bill modifies provisions relating to property tax classifications and assessment procedures in Missouri. It redefines "agricultural and horticultural property" to include urban and community gardens and certain sawmills or planing mills. It also redefines "residential property" to include farm dwellings and up to five acres surrounding them, provided they are not subject to sales tax. The bill allows taxing districts to adjust their operating levy to recoup any loss of property tax revenue due to changes in property classification.
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