Personal property tax bill in Missouri aims to regulate changes of assessed valuations

SHELBY COUNTY, Mo. (WGEM) – This week, a bill passed in the Missouri House aimed at stopping extreme changes in personal property tax rates.

House Bill 1766 passed in the Missouri House of Representatives this week. The goal of the bill is to limit how much personal property taxes can change per year.

“To keep things at a balance is a good thing. I think that’s important,” said Shelby County Assessor Liz Miles.

Automobiles such as cars, trailers, and boats are taxed at 33.33% of they’re valuation while farm equipment is taxed at 12%.

Back in 2022, the total assessed value in Shelby County rose by over $6 million. Miles said the economic trends in certain areas can lead to large changes.

“Used vehicles got harder to purchase and the valuations raised,” Miles said.

She said the bill could be beneficial for those who retain their property.

“If they keep the same vehicle, then we shouldn’t see that jump like we saw in 2022,” Miles added.

The bill has passed through the House and will next go to the state Senate. The bill’s sponsor said it has a good chance of passing due to Governor Mike Kehoe’s stance on limiting taxes.

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