Modifies provisions relating to property tax assessments

This constitutional amendment (SJR 113) changes how Missouri property taxes are calculated, primarily affecting homeowners and landowners. It limits annual increases for residential property (including rental homes) to the lesser of the consumer price index (inflation rate) or a 2% cap, preventing sudden tax jumps. The bill also reorganizes property classes: Class 1 (homes, farms, businesses) must use uniform tax percentages, while Class 3 (like commercial properties) is taxed based on annual yield with a maximum 8% limit. Exceptions allow higher increases for new construction or major improvements.