Modifies provisions governing the assessment and taxation of property

HB 2416 modifies Missouri's property tax assessment rules, directly affecting property owners and county assessors statewide. It sets specific tax rates (e.g., 19% for residential property, 5% for solar equipment and historic vehicles) and requires assessors to annually value real property at 33.3% of its current market value, with new assessments applied every odd-numbered year. Key changes include deducting private construction costs from airport-adjacent property valuations and adding requirements for computer-assisted valuations, where assessors must prove accuracy using comparable sales data. The bill also establishes a two-year assessment maintenance plan process for counties seeking state tax funds.