Proposes a constitutional amendment modifying the taxation of property

HJR 5 proposes a constitutional amendment to overhaul Missouri's property tax system. It eliminates the tax on tangible personal property (like vehicles and equipment) after 2026 and replaces it with a new tiered system for residential properties based on square footage and age - not market value. Agricultural property will be taxed based on productive capability, while commercial and industrial properties retain current assessment methods. Local governments can replace lost revenue from the personal property tax elimination by adjusting real property taxes on existing parcels, subject to state oversight. This amendment requires voter approval to take effect.