JEFFERSON CITY — State Sen. Tony Luetkemeyer, R-Parkville, presented legislation to protect homeowners from runaway property tax assessments to the Missouri Senate Ways and Means Committee. Under Senate Bill 680, property assessments could rise no more than 5%, or the rate of inflation, during any reassessment cycle.
“Many Missourians work and save their entire lives to pay off their mortgage, and assume they can live out their retirement years with little concern for housing costs. A large increase in property taxes can change that assumption overnight,” Sen. Luetkemeyer said. “In some cases, there is a real possibility that a home, once paid for, can be unaffordable due to property taxes.”
Senator Luetkemeyer first took up the cause of rising assessments in response to the 2019 assessment cycle, when some residents of his district saw dramatic increases in their property valuations. During the 2020 legislative session, Sen. Luetkemeyer successfully advanced legislation requiring physical inspections before large increases could be imposed, ensuring property owners have sufficient time to appeal assessment increases. In Missouri, property assessments occur on a two-year cycle, with increases taking effect during even-numbered years.
Senate Bill 680 will not take effect unless a companion measure, Senate Joint Resolution 39, also passes. That measure would place a ballot question before voters to allow the Legislature to cap assessment increases.
For more information about Sen. Luetkemeyer, visit www.senate.mo.gov/mem34.