SB 104 - Cierpiot, Mike
Reduces the assessment percentage of personal property
Bill Details
Sponsor
LR Number
0685S.01I
Title
SB 104
House Handler
N/A
Journal Page
N/A
Effective Date
August 28, 2023
Committee
Current Status
Voted Do Pass S General Laws Committee
Quick Links
Amendments
No amendments available
CURRENT BILL SUMMARY
SB 104 - Current law requires personal property to be assessed at 33.3% of its true value in money. Beginning with the 2024 calendar year, this act reduces such percentage by one percent a year through the 2035 calendar year. Beginning with the 2036 calendar year, personal property shall be assessed at 20% of its true value in money.
This act is substantially similar to a provision in SS/SCS/SB 8 (2023) and SCS/HCS#2/HB 713 (2023).
JOSH NORBERG