Reduces the assessment percentage of certain personal property and provides a personal property tax exemption for certain personal property upon adoption of a constitutional amendment authorizing such exemption

Summary

The bill reduces the assessment percentage applied to tangible personal property, phasing it down from 33.3% to 16% by 2041. It also makes farm machinery and motor vehicles that are at least ten years old exempt from state and local personal‑property taxes once a constitutional amendment authorizing the exemption is adopted. The changes would impact owners of such equipment and the county assessors who collect the taxes.

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