Authorizes taxpayers to submit petitions to reduce local tax rate levies

HB 515 allows Missouri residents to petition their local government for a reduction in property tax rates. Taxpayers must gather signatures from at least 5% of voters who participated in the last election for the governing body, with local election authorities verifying signatures and charging up to $0.50 per signature. The bill limits reductions to 5% of the current rate (or less if debt payments exceed the cap) and prohibits changes to taxes funding bond debt or interest payments. If approved by a majority vote at the next municipal election, the local government must implement the rate reduction.