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 trade or business. It would remove the classification of such property from applicable property tax categories and repeal the additional depreciation schedule for certain subclasses of personal property. Additionally, the bill would exempt individuals who own or control tax-exempt personal property from the requirement to annually report this property to the county assessor.

Moreover, the bill would implement technical and conforming changes to ensure consistency within the law, including clarifying terminology and processes related to property classifications and tax exemptions. It would also repeal outdated provisions and simplify classifications, particularly for agricultural and personal property, while recognizing energy-efficient and renewable energy equipment for tax exemptions. These changes are designed to streamline the property tax assessment process and enhance clarity in the legal framework governing property taxes.

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