JEFFERSON CITY — Personal property taxes in St. Charles County would be phased out under a proposal that won final approval on Monday in the Missouri Senate.
A plan by Sen. Bill Eigel, R-Weldon Spring, ties the phaseout to increases in revenue generated by growth in real property assessments.
“You get that bill on Dec. 1 just for the crime of owning a car, essentially, and you gotta pay a pretty hefty burden,†Eigel said during debate. “I think that really hits our working and middle-income class households.â€
Sen. Doug Beck, D-south ºüÀêÊÓƵ County, said the phaseout would shift the tax burden to lower-income real property owners.
Currently, personal property is assessed at 33.3% of its real value. Local governments then tax that assessed value of items such as cars, campers and boats.
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Eigel’s proposal would annually lower the percentage at which personal property is assessed as revenue due to real property assessment growth increases.
Eigel was able to tack his legislation onto a bill by Sen. Sandy Crawford, R-Buffalo, that deals with various tax issues.
Eigel’s proposal is similar to one he pushed last year, which gained momentum in the closing days of the legislative session and died.
Missouri’s legislative session this year ends May 13.
The measure now moves to the Missouri House for consideration.