SB 1118 - 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, 2028, new construction and improvements shall not include increases in the aggregate assessed valuation of personal property. (Section 137.073) This provision is substantially similar to SB 409 (2023) and HB 754 (2023). 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 act is substantially similar to SB 264 (2025). JOSH NORBERG