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Bill

HB 2859

Reduces the assessment percentage of certain personal property and provides a personal property tax exemption for certain personal property upon adoption of a constitutional amendment authorizing such exemption

2026 Regular Session Introduced by Mark Matthiesen

HB 2859 reduces personal property tax assessments and creates exemptions for qualifying property, pending voter approval of a constitutional amendment.

Placed Back on Formal Perfection Calendar (H)
#motorvehicles #property #realandpersonal #revenue #departmentof #statetaxcommission #taxationandrevenue-general #taxationandrevenue-property
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WeVote Research Nonpartisan
Bill Summary · HB 2859

Legislative bill overview

HB 2859 proposes to reduce the assessment percentage used to calculate taxes on certain personal property in Missouri and would create a personal property tax exemption for specified property types, contingent on Missouri voters approving a constitutional amendment. The bill aims to modify how personal property is valued and taxed across the state.

Why is this important

Personal property taxes directly affect business operations, equipment investments, and overall tax burdens for property owners. Changes to assessment percentages and new exemptions can shift tax liability between different classes of property owners and affect state and local government revenue, which funds schools, infrastructure, and public services.

Potential points of contention

  • Revenue impact uncertainty: Reducing assessments and creating exemptions will decrease tax revenue for state and local governments, but the fiscal impact depends on which property types qualify—this isn't detailed in the bill summary
  • Fairness and equity questions: Other property owners and renters may face higher taxes or reduced services if revenue shifts away from personal property taxation, raising concerns about burden distribution
  • Constitutional amendment requirement: Requires voter approval, meaning passage in the legislature doesn't guarantee implementation and creates uncertainty for property owners planning tax strategies

Compiled from official sources — confirm details with the bill’s official record.

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