SCS/SB 8 - Current law requires that personal property be assessed at 33.3% of its true value in money. Beginning January 1, 2024, this act requires that personal property be assessed at 31% of its true value in money.
Current law requires assessors to use the trade-in value published in the October issue of the National Automobile Dealers' Association Official Used Car Guide to determine the true value of motor vehicles for the purposes of property tax assessments. This act instead requires assessors to use the manufacturer's suggested retail price from the year of manufacture of the vehicle and apply the ten year depreciation table provided in the act to determine the true value in money. When the manufacturer's suggested retail price data is not available from an approved source or the assessor deems it not appropriate for a vehicle, the assessor may obtain a manufacturer's suggested retail price from a source that he or she deems reliable and shall apply the depreciation schedule provided by the act.
Subject to appropriations, a political subdivision that receives less than the allowable amount of total real and personal property tax revenues due to the provisions of the act shall be eligible for reimbursement from the state in an amount equal to the amount by which such revenues are below the allowable amount.
This act is substantially similar to SB 493 (2023) and HB 713 (2023).