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Missouri Bill to Lessen Property Tax Spikes on Vehicles Gains Traction

JEFFERSON CITY, MO – A Missouri House bill that would lessen property tax spikes on used vehicles is gaining traction.

Republican Representative Brad Hudson of Cape Fair filed the bill as the values of vehicles in the National Auto Dealers Association price guide have significantly increased. By law, assessors must used the guide to assess the value of vehicles. Some vehicle values have increased as much as forty percent.

Under House Bill 2694 assessors would not be restricted to using the NADA values. Instead they could use the trade-in value from the current year or either of the last two years’ October guides. Similar determinations could be used to assess the value of recreational and agricultural equipment.

The State Tax Commission testified in favor of the Bill, which has been perfected in the House. Another vote will send the measure to the Senate.



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