Modifies provisions relating to personal property tax valuations

HB 464 modifies Missouri's personal property tax valuation rules by repealing and replacing sections 137.073 and 137.115 of the Revised Statutes of Missouri. The bill requires local governments (counties, cities, school districts) to adjust property tax rates whenever assessed valuations change, ensuring they collect roughly the same tax revenue as the previous year from existing property (excluding new construction). It sets limits on tax rates, prohibiting increases beyond the highest rate in effect after 1980 unless voters approve higher rates. This directly affects all local taxing authorities that levy property taxes on personal property and real estate subclasses.