February 21, 2008 - Senate President Pro Tem Michael Gibbons' Property Tax Reform bill, SB 711, received first round approval in the Missouri Senate today.The bill, supported by Associated Industries of Missouri and the Taxpayers Research Institute of Missouri, helps taxpayers by providing transparency in the setting of property tax rates, requires local taxing districts to roll back their rates in keeping with the spirit of the Hancock Amendment, and enacts several needed changes to allow taxpayers to have more information regarding property tax increases sooner. The sooner taxpayers are aware of runaway tax assessments, the sooner they may prepare to appeal and challenge their property tax assessments. The bill also simplifies the appeals process for taxpayers and eliminates some problems that have surfaced recently that have effectively stopped taxpayers from appealing inappropriate tax assessments.
"This bill provides the transparency and restores the vital role of taxpayers in the taxation of their real and personal property," said Ray McCarty, Executive Director of the Taxpayers Research Institute of Missouri. "We applaud Pro Tem Gibbons' efforts on behalf of Missouri business taxpayers, some of whom have seen 60% increases in their property taxes this year." Click on the picture above for a video of an interview with President Pro Tem Gibbons regarding this bill.
The bill will face a final vote in the Missouri Senate before moving to the House for further debate. Don't forget to check our our new video service with more important tax video information at www.aimcapitolcast.com.
