JEFFERSON CITY, Mo. — In a rare move, the Missouri Senate moved to reconsider its vote on an effort to phase out Missouri’s personal property tax assessment rate Thursday.
SB 24’s perfection was rejected earlier this week, but the body voted 24-10 to reconsider before placing the bill on the informal calendar for later consideration Thursday morning. Sponsor Sen. Bill Eigel said the move would give the chamber an opportunity to fully examine the measure before taking action on it again.
“That will give the Senate more time to carefully consider how to move Missouri away from a terribly regressive and unfair tax,” Eigel told The Missouri Times. “No one should have to pay such a high tax to their government every Dec. 1 just for owning a car. Most states have already eliminated property tax on vehicles, and Missourians want to see their leaders in Jefferson City follow suit.”
- Under the bill, Missouri’s personal property assessment rate would decrease from its current 33.3 percent at the same rate as real property rates increase on a county-by-county basis.
- The substitute includes other provisions from both sides of the aisle, altering taxes and funds for St. Louis, Greene County, Springfield, Clinton, and Lincoln.
- Other provisions would alter the definition of a blighted area regarding tax increment financing and enact an ethanol fuel tax credit and a Capitol Complex Tax Credit.