137.074. Merchants' and manufacturers' personal property excluded in tax rate calculations, when--identified separately, how--real property records to contain certain information. - Missouri Statutes

Merchants' and manufacturers' personal property excluded in tax ratecalculations, when--identified separately, how--real property recordsto contain certain information.

137.074. 1. For the purpose of determining any tax rateunder section 137.073, or other applicable provisions of thestatutes or constitution of this state, the tax revenue from anypersonal property of manufacturers, refiners, distributors,wholesalers, and retail merchants and establishments which fallsin the category of personal property exempted from taxation undersubsection 1 of section 6 of article X of the Constitution ofMissouri shall not be included in the prior year's tax revenuesused in determining tax rates for use after the effective date ofthe exemption of such personal property of manufacturers,refiners, distributors, wholesalers, and retail merchants andestablishments.

2. In order to implement the mandate of the voters of thisstate in their approval of section 6 of article X of the MissouriConstitution, all county and municipal officers charged withassessing property, extending tax charges, and collectingproperty taxes shall so arrange tax assessment forms, records,and receipts in a manner that will identify separately thepersonal property of manufacturers, refiners, distributors,wholesalers, and retail merchants and establishments which fallsinto the category of personal property exempted from taxationunder subsection 1 of section 6 of article X of the Constitutionof Missouri. Such records shall be separately maintained for thetax year 1984 and in each subsequent tax year until the exemptionprovided in subsection 1 of section 6 of article X of theConstitution of Missouri becomes effective.

3. In order to implement the mandate of the voters of thisstate in their approval of section 4(b) of article X of theMissouri Constitution, all county assessors shall note in theirrecords the assessed valuation of each parcel of real propertyimmediately prior to December 31, 1984, and the true value inmoney of each parcel of real property as of December 31, 1984,and the subclass which each parcel of real property was inimmediately prior to December 31, 1984, and the subclass whicheach parcel of real property was in as of December 31, 1984. Asused in this subsection, the term "true value in money", whenapplied to agricultural and horticultural property, shall be thatvalue determined under sections 137.017 to 137.026.

(L. 1983 S.B. 63, et al.)