Reduces the assessment percentage of tangible personal property over a period of years

Summary

The bill directs assessors to value tangible personal property at a decreasing percentage of its true value—starting at 33.33% and dropping to zero over five years—if a city or county votes to eliminate or replace the tax. Voters could also choose to replace the lost revenue with a sales tax. It would change how property owners are taxed and affect local government revenues.

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