HB 259 Sander, Chris
HB 259 -- PERSONAL PROPERTY TAXES
SPONSOR: Sander
Currently, personal property is assessed at 33.3% of its true value in money. Beginning January 1, 2024, this bill requires county assessors in any county with more than 700,000 but fewer than 800,000 to annually reduce the percentage such that the amount by which the revenue generated by taxes levied on the personal property is substantially equal to 100% of the growth in revenue generated by real property assessment growth, as defined in the bill. Annual reductions shall be made until December 31, 2076. Thereafter, the percentage of true value in money at which personal property is assessed shall be equal to the percentage in effect on December 31, 2076.
For the purposes of the tax levied for the Blind Pension Fund, county assessors shall assess all personal property at 33.3% of its true value in money.
Currently, this bill only applies to Jackson County.
This bill is similar to HB 2594 (2022).