Modifies provisions governing the assessment and taxation of property

HB 2671 modifies how Missouri counties, school districts, and other local governments adjust property tax rates when property values change. It requires these entities to revise tax rates for each property subclass (like residential or commercial) to maintain the same total tax revenue from that class as the previous year, excluding new construction and improvements. The bill sets strict limits: tax rates cannot exceed the highest rate after 1980 unless voters approve a higher rate, and adjustments for inflation are capped at the Consumer Price Index or 5%, whichever is lower. This directly affects local governments responsible for property tax collection, ensuring revenue stability while preventing uncontrolled rate increases.