Reduces the assessment percentage of tangible personal property over a period of years

HB 2329 reduces the tax assessment rate for tangible personal property (such as business equipment, vehicles, and movable assets) owned by businesses and individuals in Missouri. It phases down the current 33.33% assessment rate over three years: to 28.22% in 2027, 23.11% in 2028, and permanently to 18% starting in 2029. The bill repeals the existing assessment rate language in Missouri law (section 137.115) and replaces it with this new phased reduction schedule. This directly lowers property tax bills for owners of tangible personal property beginning in 2027.