The proposed bill would update current statutes by expanding the personal property tax exemption to encompass all locally assessed personal property utilized for agricultural purposes or in a trade or business. This change would effectively exempt such properties from taxation, as it would remove them from the applicable property tax classifications. Additionally, the bill would repeal the additional depreciation schedule for certain subclasses of personal property and exempt owners of tax-exempt personal property from the requirement to annually report to the county assessor.

Moreover, the bill aims to streamline the legal framework by repealing specific sections related to property tax exemptions and modifying definitions and classifications to ensure clarity and equitable treatment of various property types. New provisions would also require documentation for energy-efficient and renewable energy equipment to qualify for property valuation exemptions, while emphasizing the importance of maintaining accurate records and public access to information regarding property classifications. These updates are designed to simplify the tax process and encourage agricultural and business activities by reducing the tax burden, with the new provisions set to take effect on January 1, 2032.

Statutes affected:
Introduced Version: 15-445, 15-448, 15-459, 15-481, 42-5075, 42-11054, 42-11127, 42-12001, 42-12002, 42-12004, 42-12006, 42-12007, 42-12054, 42-12058, 42-13054, 42-13055, 42-13056, 42-13304, 42-13351, 42-15002, 42-15005, 42-15053, 15-825.02, 42-12003, 15-912.01, 15-482, 15-457, 15-458, 15-943, 15-241, 15-975, 15-997, 16-509, 16-204, 15-544, 15-910, 15-430, 15-905, 15-422, 15-423, 15-424, 15-426, 15-403, 15-947, 15-949, 15-971, 15-447, 32-1121, 45-604, 42-1301, 41-1514.02, 42-5061, 42-5159, 15-1670, 41-1516, 9-463.05, 11-1102, 49-701, 42-5029, 42-5032.01, 42-5032.02, 3-361, 3-262, 42-5008.01, 41-4001, 44-1761, 42-15101, 42-16002, 42-14053, 42-14151, 42-14503, 42-14102, 42-14201, 42-14159, 32-2197, 41-867, 42-12101, 49-282.06, 49-922, 42-12057, 42-12053, 42-16111, 42-12005
House Engrossed Version: 15-445, 15-448, 15-459, 15-481, 42-5075, 42-11054, 42-11127, 42-12001, 42-12002, 42-12004, 42-12006, 42-12007, 42-12054, 42-12058, 42-13054, 42-13055, 42-13056, 42-13304, 42-13351, 42-15002, 42-15005, 42-15053, 15-825.02, 42-12003, 15-912.01, 15-482, 15-457, 15-458, 15-943, 15-241, 15-975, 15-997, 16-509, 16-204, 15-544, 15-910, 15-430, 15-905, 15-422, 15-423, 15-424, 15-426, 15-403, 15-947, 15-949, 15-971, 15-447, 32-1121, 45-604, 42-1301, 41-1514.02, 42-5061, 42-5159, 15-1670, 41-1516, 9-463.05, 11-1102, 49-701, 42-5029, 42-5032.01, 42-5032.02, 3-361, 3-262, 42-5008.01, 41-4001, 44-1761, 42-15101, 42-16002, 42-14053, 42-14151, 42-14503, 42-14102, 42-14201, 42-14159, 32-2197, 41-867, 42-12101, 49-282.06, 49-922, 42-12057, 42-12053, 42-16111, 42-12005