Modifies provisions governing the assessment of property taxes

HB 2607 modifies Missouri's property tax assessment rules by changing how real and personal property is valued and taxed. It sets specific assessment percentages: 19% for residential property (subclass 1), 12% for commercial property (subclass 2), and 32% for other real property (subclass 3), while lowering rates for certain items like solar equipment (5%) and historic vehicles (5%). The bill includes special rules for property near commercial airports, reducing assessments by costs paid by non-government parties for improvements after 2008, and requires counties to submit annual assessment maintenance plans for approval. These changes directly affect property owners, local assessors, and counties by altering tax calculations and administrative processes for property valuation.