Modifies provisions relating to the State Tax Commission

SB 1131 modifies Missouri's property tax assessment rules for county assessors and the State Tax Commission. It sets specific tax rates: real property in subclass (1) at 19%, subclass (2) at 12%, subclass (3) at 32%, and establishes 5% rates for solar equipment installed before August 2022. The bill requires assessors to update property values every odd-numbered year for application in the following even-numbered year, and mandates annual assessment maintenance plans for counties to submit to the State Tax Commission. These changes directly affect property owners (especially real estate, farm machinery, and solar equipment owners) and county assessors who implement the new valuation procedures.