Modifies provisions relating to personal property assessments

HB 629 modifies how local governments adjust property tax rates when assessed values change. It requires counties to notify political subdivisions (like cities, school districts, and counties) when personal property assessments or specific real property subclasses change, so they can revise tax rates to maintain the previous year’s revenue (excluding new construction). Tax rates must stay within voter-approved limits or a cap tied to inflation (capped at 5% or the Consumer Price Index). This directly affects all local governments that levy property taxes, ensuring revenue stability while limiting rate increases.