Revenue and taxation; in lieu taxation; farm tractors; machinery; equipment; apportionment; repealer; effective date.

Summary

The bill requires county assessors to value farm tractors using the same depreciation schedule owners use on their federal tax returns, limiting the assessed cash value to that amount. After the depreciation schedule is applied, a flat $15 yearly in‑lieu tax replaces the regular ad valorem tax on those tractors. The revenue is collected by county treasurers and distributed the same way the regular property tax would be.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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