Reduces the assessment percentage of certain personal property and provides a personal property tax exemption for certain personal property upon adoption of a constitutional amendment authorizing such exemption

HB 988 reduces the tax assessment rate for most taxable personal property (like equipment and vehicles) from 33.3% to 10% over 11 years, starting in 2026. It also creates a future exemption for farm machinery and motor vehicles (10+ years old) from personal property taxes, but only if Missouri voters approve a constitutional amendment authorizing this exemption. The bill directly affects owners of qualifying personal property, such as farmers with older machinery or vehicle owners. Key provisions include a phased annual reduction in assessment percentages (e.g., 30% in 2026, dropping to 10% by 2036) and setting the stage for the exemption upon constitutional approval. The exemption itself is conditional on voter approval, not automatic.