137.079. Business personal property, excludes from total assessed valuation a portion of assessed valuation for property subject to appeal. - Missouri Statutes

Business personal property, excludes from total assessedvaluation a portion of assessed valuation for propertysubject to appeal.

137.079. Prior to setting its rate or rates as required by section137.073, each taxing authority shall exclude from its total assessedvaluation seventy-two percent of the total amount of assessed value of*business personal property that is the subject of an appeal at the statetax commission or in a court of competent jurisdiction in this state. Thisexclusion shall only apply to the portion of the assessed value of businesspersonal property that is disputed in the appeal, and shall not exclude anyportion of the same property that is not disputed. If the taxing authorityuses a multirate approach as provided in section 137.073, this exclusionshall be made from the personal property class. The state tax commissionshall provide each taxing authority with the total assessed value ofbusiness personal property within the jurisdiction of such taxing authorityfor which an appeal is pending no later than August twentieth of each year.Whenever any appeal is resolved, whether by final adjudication orsettlement, and the result of the appeal causes money to be paid to thetaxing authority, the taxing authority shall not be required to make anadditional adjustment to its rate or rates due to such payment once thedeadline for setting its rates, as provided by this chapter, has passed ina taxable year, but shall adjust its rate or rates due to such payment inthe next rate setting cycle to offset the payment in the next taxable year.For the purposes of this section, the term "business personal property",means tangible personal property which is used in a trade or** business orused for production of income and which has a determinable life of longerthan one year except that supplies used by a business shall also beconsidered business personal property, but shall not include livestock,farm machinery, property subject to the motor vehicle registrationprovisions of chapter 301, RSMo, property subject to the tables provided insection 137.078, the property of rural electric cooperatives under chapter394, RSMo, or property assessed by the state tax commission under chapters151, 153, and 155, RSMo, section 137.022, and sections 137.1000 to137.1030.

(L. 2005 H.B. 58 § 137.071 merged with H.B. 461 merged with S.B. 210 § 137.071)

*Word "to" appears in original rolls of H.B. 461, 2005. ** Word "of" appears in original rolls of H.B. 461, 2005.