Property Tax Reform
Issue Overview: Over the past several years, we have been hearing complaints from our members about unequal and uneven property tax assessments. Some of these problems have been particularly acute in the more urban areas of the state. Senate President Mike Gibbons has introduced a bill that would be helpful for small business owners. Sen. Gibbons' bill would:
- Protect taxpayers from back-door tax increases by requiring that tax rates be reduced in years when property values are reassessed.
- Close tax-increase loopholes that allow unpredictable swings in property tax rates that, in turn, result in spikes in taxes.
- Require that earlier notice and more information be given to each taxpayer. The earlier notice would give small business owners time to appeal their tax bills. It also would help the budgeting process for small business owners.
NFIB Position: The NFIB Problems and Priorities Survey indicates that property taxes rank sixth among the biggest concerns of small business owners. In some parts of Missouri, that ranking may be even higher. NFIB is very supportive of Sen. Gibbons' efforts to reform our property tax system.
Issue Status: Senate Bill 711 passed the Senate Ways and Means Committee with no dissenting votes. It is being debated on the Senate floor and is expected to come up for a vote soon.
What to Do: Please ask your state senator to support SB 711. Also, ask your state representative to support this bill when it goes to the House.
