SB 314 Classifies short term rental merchandise as inventory and exempt from property taxes and specifies how to assess real property with certain restrictions
Sponsor: Wallingford
LR Number: 1645H.04C Fiscal Notes
Committee: Ways and Means
Last Action: 5/15/2015 - H Calendar S Bills for Third Reading w/HCS Journal Page:
Title: HCS SS SB 314 Calendar Position:
Effective Date: August 28, 2015
House Handler: Korman

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Current Bill Summary

HCS/SS/SB 314 - This act modifies provisions relating to property taxes.


This act specifies that certain merchandise whether or not subject to a short term rental and which will ultimately be sold shall be considered inventory for property tax purposes and exempt from taxation. The act is limited to general rental centers and construction, mining, and forestry equipment rental.

This provision is similar to HB 879 (2015). This provision is similar to a provision contained in SCS/HCS/HB 613 (2015) and SS/HB 616 (2015).


This act adds several types of current market conditions that a county assessor must consider when determining the value of real property. Such conditions include the existing use of the property, restrictions and covenants on use of the property, and rent limitation associated with low-income housing tax credits.

This provision is similar to a provision in SCS/HCS/HB 613 (2015), HCS/SB 148 (2015), and HCS/SS/SCS/SB 115 (2015).