No. SB 552
Filed under Taxes & Budget.
Prohibition on Levying Ad Valorem Taxes on Tangible Personal Property; Conforming provisions to proposed amendments made to the State Constitution which prohibit levying ad valorem taxes on tangible personal property by counties, school districts, and municipalities; repealing a provision relating to the property appraiser’s assessments and effect of determinations by value adjustment boards; repealing a provision relating to extending the date for filing tangible personal property tax returns; repealing a provision relating to tax returns to show all exemptions and claims, etc.
Plain English Summary
AI-GENERATEDCounties, school districts, and municipalities can no longer levy ad valorem taxes on tangible personal property. This removes a major revenue source for local governments. Businesses and individuals will no longer pay these specific local taxes.
The statutory definition of tangible personal property is removed from the tax code. This eliminates the legal basis for assessing and taxing such property. Property appraisers will no longer create separate assessment rolls for these items.
Taxpayers are no longer required to file tangible personal property tax returns. This eliminates a significant compliance burden for business owners. The requirement to show all exemptions and claims on these returns is also repealed.
Owners can no longer file joint petitions with the value adjustment board to contest tangible personal property assessments. Filing fees for these appeals are removed. Special magistrates no longer need specific experience in valuing this property type.
AIMunicipalities can no longer levy ad valorem taxes on tangible personal property, limiting their revenue sources to real property only.
AIThe statutory definition of tangible personal property is removed, eliminating the legal basis for assessing and taxing such property.
AIRules for determining where tangible personal property is located for tax purposes are deleted, as the property type is no longer taxable.
AIThe requirement for taxpayers to file tangible personal property tax returns is removed, eliminating a compliance burden for business owners.
AIProperty appraisers are no longer required to prepare separate assessment rolls for tangible personal property, streamlining the assessment process.
AIOwners of tangible personal property can no longer file joint petitions with the value adjustment board to contest assessments.
AIFiling fees for value adjustment board petitions are now limited to real property, removing the fee structure for tangible personal property appeals.
AIThe requirement for special magistrates to have specific experience in tangible personal property valuation is removed, as these issues will no longer be heard.