SB 24
Reduces the assessment percentage for personal property
LR Number:
Last Action:
10/4/2022 - S First Read
Journal Page:
Calendar Position:
Effective Date:
90 days after adjournment

Current Bill Summary

SB 24 - Current law requires that personal property be assessed at 33.3% of its true value in money. This act requires political subdivisions to annually reduce such percentage such that the amount by which the revenue generated by taxes levied on such personal property is reduced is substantially equal to one hundred percent of the growth in revenue generated by real property assessment growth, as defined in the act. Annual reductions shall be made until December 31, 2073. Thereafter, the percentage of true value in money at which personal property is assessed shall be equal to the percentage in effect on January 1, 2073.

This provision is substantially similar to HB 2519 (2022), HB 2594 (2022), and to a provision in SS/SCS/SB 649 (2022), SB 743 (2022), SS#2/SB 24 (2021), and CCS/SS/HCS/HB 66 (2021).



No Amendments Found.