Reduces the assessment percentage of tangible personal property over a period of years

This bill reduces the percentage of tangible personal property used to calculate property taxes in Missouri over a three-year period, affecting business owners and other individuals who own taxable personal assets. Starting in 2026, the assessment rate for tangible personal property will decrease by approximately 5.56% each year, dropping from 33.33% in 2025 to 18% for 2028 and beyond. The legislation also establishes specific, lower assessment rates for certain categories of property, including agricultural items, historic vehicles, and pollution control equipment. Additionally, the bill outlines procedures for property assessment, including requirements for assessors to create assessment maintenance plans and rules for computer-assisted valuation methods.