Modifies provisions relating to personal property assessments

SB 1118 modifies how Missouri counties and local governments (like cities, school districts, and counties) adjust property tax rates after reassessments. It requires political subdivisions to revise tax rates for each property subclass and personal property to maintain the same tax revenue as the previous year, excluding new construction and improvements. The bill sets a cap on rate increases at the lower of the consumer price index or 5% annually, while allowing adjustments for inflationary growth in property values. This directly affects local governments that set property tax rates, ensuring revenue stability during reassessment cycles without exceeding voter-approved limits.