Modifies provisions relating to personal property tax valuations

HB 43 requires Missouri counties and school districts to adjust property tax rates when property valuations change, ensuring they collect roughly the same total tax revenue as before. It mandates that tax rates for different property classes (like residential or commercial) be revised to maintain revenue levels, while preventing rates from exceeding historical highs or voter-approved ceilings. School districts must also allocate railroad and utility tax revenue proportionally across property classes based on their assessed value. The bill caps annual tax rate adjustments for inflation at either the Consumer Price Index or 5%, whichever is lower.