Modifies provisions relating to motor vehicle assessment valuations

HB 776 updates how Missouri counties assess property taxes, primarily affecting property owners and county assessors. It sets specific assessment percentages for different property types, including 5% for historic motor vehicles (registered under Section 301.131), 12% for livestock and farm machinery, and 19% for residential real property. The bill also clarifies valuation rules for improvements on airport property and requires counties to submit two-year assessment maintenance plans for approval. These changes standardize how property values are calculated and reported annually, directly impacting tax bills for homeowners, farmers, and businesses owning taxable property.