SB 264 - This act modifies provisions relating to personal property assessments. PERSONAL PROPERTY NEW CONSTRUCTION For the purposes of calculating the amount of assessed valuation of personal property, current law provides that the definition of new construction and improvements is the aggregate increase in valuation of personal property for the current year over that of the previous year. This act provides that, beginning January 1, 2027, new construction and improvements shall not include increases in the aggregate assessed valuation of personal property. (Section 137.073) This provision is identical to a provision in HCS/SCS/SB 163 (2025), HB 43 (2025), SCS/HB 629 (2025), and is substantially similar to SB 409 (2023) and HB 754 (2023) and to a provision in SB 359 (2025) and HB 464 (2025). PERSONAL PROPERTY ASSESSMENT RATE Current law requires personal property to be assessed at 33.3% of its true value in money. This act reduces such assessment rate to 30%. (Section 137.115.1) This provision is substantially similar to SB 274 (2025) and SB 294 (2025), and to a provision in HCS/SCS/SB 163 (2025), SB 171 (2025), SB 359 (2025), HB 464 (2025), SCS/HB 629 (2025), HB 903 (2025), HB 988 (2025). MOTOR VEHICLE ASSESSMENTS Current law requires assessors to use the trade-in value published in the October issue of the National Automobile Dealers' Association Official Used Car Guide to determine the true value of motor vehicles for the purposes of property tax assessments. This act requires the State Tax Commission to require an assessor to use such publication or the Kelley Blue Book, Edmunds, or another similar publication, and allows the assessor to use the current or any of the three immediately previous years' October issue of such publication. (Section 137.115.9) This provision is substantially similar to HB 776 (2025), SS/SCS/SB 799 (2024), HCS/HB 1690 (2024), HB 2358 (2024), SS/SCS/SB 8 (2023), and SB 493 (2023), and to a provision in SB 183 (2025), HB 43 (2025), SS#2/SCS/HB 199 (2025), SCS/HB 247 (2025), HB 464 (2025), HB 660 (2025), HB 816 (2025), HB 2403 (2024), HCS/SS/SB 23 (2023), HCS/SS#3/SCS/SB 131 (2023), SS/SCS/SB 133 (2023), as amended, HCS/SS/SB 143 (2023), HCS/SB 247 (2023), and SCS/HCS#2/HB 713 (2023). JOSH NORBERG