Modifies provisions relating to the assessed valuation of residential real property

HB 2692 changes Missouri's property tax assessment schedule by requiring new values for all real property - including residential homes - to be set every two years (on odd-numbered years) and applied for the following even-numbered year, replacing the previous annual reassessment. It also adjusts how airport leasehold properties are valued by allowing a deduction for costs paid by non-government parties for improvements made after 2008. Additionally, the bill mandates that assessors submit a two-year assessment maintenance plan to county and state tax authorities for approval. These changes affect all property owners and local tax assessors across Missouri.