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 2859 reduces the tax assessment rate for specific personal property in Missouri. It lowers the percentage used to calculate taxes on qualifying farm machinery and motor vehicles (manufactured 10+ years prior) from 33.3% down to 16% by 2041, phased annually starting in 2027. The bill directly affects owners of these older farm and vehicle assets, who would see lower annual property tax bills once the tax rate reductions take effect. The law also provides a full tax exemption for these items if Missouri voters approve a related constitutional amendment.