HB 2415 Missouri House · 2026 Regular Session

Establishes a definition of "assessment value" for real property assessment purposes

HB 2415 defines "assessment value" for Missouri property tax purposes, clarifying how different property types are valued. It specifies that residential property includes homes and certain rentals (excluding transient housing), agricultural land is valued by its productivity, and other land uses (like commercial or industrial) are valued by market price. The bill requires all existing terms like "market value" in tax law to now refer to this defined "assessment value." It directly affects property owners, local assessors, and tax districts by standardizing valuation methods across residential, agricultural, and commercial properties.

Bill status in committee 1 of 4 stages cleared

Introduction

Dec 2025

Committee Review

Floor Vote

Governor

Introduced Dec 15, 2025 Last action Apr 2, 2026

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What changed between versions

Introduced → House Committee Substitute · 4 edits

MODERATE

The bill was amended to repeal two separate sections of the real property assessment law instead of one, and the definition of 'Assessment value' was updated to include a reconciliation step with other valuation methods. Additionally, a new provision was added allowing taxing districts to adjust their operating levies to recover lost revenue when reclassifying multi-unit residential structures, provided the tax rate adjustment stays within historical limits.

Scope change

The bill's scope expanded from repealing a single statute to repealing two statutes, and new authority was granted to taxing districts regarding revenue adjustments for specific property reclassifications.

SCOPE

The bill now repeals both sections 137.016 and 138.390 of the Revised Statutes of Missouri, whereas the original version only repealed section 137.016.

DEFINITION

The definition of 'Assessment value' was updated to require that building values be 'reconciled with other applicable approaches to real property valuation' in addition to using the replacement cost approach.

FISCAL

A new section was added permitting taxing districts to adjust their operating levies to recoup lost tax revenue resulting from the reclassification of structures containing five or more dwelling units intended for residential living.

REQUIREMENT

The new levy adjustment authority is subject to a cap requiring that the adjustment does not exceed the highest tax rate in effect after the 1980 tax year.

Floor votes

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Full legislative history

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Key actions

Committee

Apr 2, 2026

Lower · Passed

Reported Do Pass (H) - AYES: 9 NOES: 1 PRESENT: 1

lower

Apr 2, 2026

Lower · Passed

Voted Do Pass (H)

lower

Mar 25, 2026

Committee

Referred: Rules - Administrative(H)

lower

Mar 12, 2026

Lower · Passed

HCS Reported Do Pass (H) - AYES: 14 NOES: 2 PRESENT: 0

lower

Feb 17, 2026

Lower · Passed

HCS Voted Do Pass (H)

lower

Jan 15, 2026

Committee

Referred: Special Committee on Property Tax Reform(H)

lower

Dec 15, 2025

Introduced

Prefiled (H)

lower

1 primary · 0 co-sponsors