138.390. To classify and equalize property. - Missouri Statutes

To classify and equalize property.

138.390. 1. The state tax commission shall equalize the valuation ofreal and tangible personal property among the several counties in the statein the following manner: with the abstracts of all the taxable property inthe several counties of the state and the abstracts of the sales of realestate in such counties as returned by the respective county clerks and theassessor of the city of St. Louis, the commission shall classify all realestate situate in cities, towns, and villages, as town lots, and all otherreal estate as farming lands, and shall classify all tangible personalproperty as follows: banking corporations, railroad corporations, streetrailroad corporations, all other corporations, horses, mares and geldings,mules, asses and jennets, neat cattle, sheep, swine, goats, domesticatedsmall animals and all other livestock, poultry, power machinery, farmimplements, other tangible personal property.

2. The state tax commission shall equalize the valuation of eachclass or subclass of property thereof among the respective counties of thestate in the following manner:

(1) It shall add to the valuation of each class, subclass, or portionthereof of the property, real or tangible personal, of each county which itbelieves to be valued below its real value in money such amount or percentas will increase the same in each case to its true value;

(2) It shall deduct from the valuation of each class, subclass, orportion thereof of the property, real or tangible personal, of each countywhich it believes to be valued above its real value in money such amount orpercent as will reduce the same in each case to its true value.

(RSMo 1939 § 11027, A.L. 1945 p. 1805 § 15, A.L. 1947 V. I p. 548, A.L. 2008 S.B. 711)

Prior revisions: 1929 § 9854; 1919 § 12847

CROSS REFERENCE:

Commission to equalize assessments and hear appeals required, Const. Art. X § 14