Missouri House passes property tax cut aimed at offsetting surge in vehicle values

Missouri residents could see a roughly $138 million tax break under legislation intended to offset a surge in local property tax collections caused by higher vehicle values. The state House overwhelmingly passed the legislation Thursday, sending it to the Senate. Missouri is among several states considering property tax cuts this year. Typically, the assessed value of vehicles declines as they get older. But used vehicle values surged during the coronavirus pandemic, resulting in higher tax bills for many people. State Rep. Mike McGirl says his bill is intended to return a part of that tax “windfall” by changing how vehicle values are calculated for taxes.