SB 171 - 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 by 3.3%. Annual reductions shall be made until the assessment percentage is equal to 0.3% of the true value in money beginning with the 2036 tax year. This act is substantially similar to SB 274 (2025) and SB 294 (2025), and to a provision in HCS/SCS/SB 163 (2025), SB 264 (2025), SB 359 (2025), HB 903 (2025), HB 988 (2025), and is similar to a provision in HB 464 (2025), SCS/HB 629 (2025).
JOSH NORBERG