Enacts provisions governing personal property taxation

HB 2627 requires counties and political subdivisions (like school districts and cities) to adjust property tax rates when property valuations change, ensuring tax revenue remains stable after reassessments. It mandates that tax rates for different property types (e.g., residential, commercial) be revised to generate the same revenue as the previous year, excluding new construction. School districts must also account for revenue from railroad/utility property and cap rate increases at inflation (CPI) or 5%, whichever is lower. The bill directly affects local governments responsible for setting property tax rates in Missouri.