Modifies provisions relating to the assessed valuation of residential real property

HB 780 changes how Missouri counties assess property taxes on residential real estate. It requires assessors to value residential properties at 33.3% of their true market value annually, with new assessments set every other year (odd-numbered years) and applied for two years. The bill also creates a process for counties to submit two-year assessment plans for approval and includes a specific provision reducing valuations for airport-related property improvements funded by non-government parties. This directly affects homeowners and property owners across all Missouri counties, including St. Louis.