Modifies provisions relating to the duties of the state tax commission

HB 3164 modifies how Missouri's State Tax Commission classifies property and equalizes valuations across counties. It requires the Commission to first categorize real estate (as urban lots or farmland) and tangible personal property (like machinery, livestock, or vehicles), then use statistical ratio studies to adjust county valuations. If a county's valuation for a property class is below 70% of true market value (or above 100%) based on specific statistical thresholds, the Commission must adjust it to reflect true value. This bill directly affects local tax assessments and county tax systems by standardizing the valuation process, without changing tax rates or creating new taxes.