Modifies provisions relating to property tax assessments

This constitutional amendment (SJR 54) would change Missouri's property tax rules for residential homes. It prevents increases in the tax assessment for primary residences (Class 1, Subclass 1) after the initial assessment, meaning homeowners won't see their tax bill rise due to market value changes while they own the home - except for new construction or major improvements. The change would take effect January 1, 2027, and requires voter approval in the 2026 election. It directly affects homeowners with primary residences, not agricultural or commercial properties.