Senate Bill 711 mandates that all taxing jurisdictions, regardless of whether they are operating at or below their tax rate ceiling, must roll back their tax rate to counter reassessment increases. Currently, only taxing jurisdictions operating at their tax rate ceiling are required by Missouri's Constitution to roll back to protect taxpayers, leaving taxing jurisdictions operating below their ceiling to approve back door tax increases with no legal recourse.
The legislation would also close a loophole that has allowed taxing districts to apply new voter-approved levies to future and unknown assessments. For example, under the current law, taxing jurisdictions can take a tax increase approved by the voters in 2006 and then apply that new tax rate to the higher reassessed value in 2007.
It also requires that taxpayers receive a projected tax liability statement along with their reassessment notices. Charter counties would provide these in 2009, with all other counties participating by 2011. Additionally, SB 711 increases the Senior Citizen Property Tax credit award from $750 to $1,100, and expands those eligible to include homeowners with an income of up to $30,000 for singles and $40,000 for married couples.
For more information about the events and legislation in the Missouri Senate, visit www.senate.mo.gov. To contact Senate Communications, dial (573) 751-3824 or send an e-mail to firstname.lastname@example.org.