SB1203

Missouri SB1203 modifies tax rates and assessment procedures for property and income taxes.

Missouri SB1203 revises tax rates and assessment procedures for property and income taxes. It mandates that political subdivisions set tax rates to produce the same tax revenue as the previous year, adjusted for inflation. The bill outlines specific assessment percentages for various types of property and personal property. It also details procedures for physical inspections of properties and the reassessment of certain properties. Additionally, the bill adjusts income tax brackets and rates for residents, including deductions for military income.