The bill amends the General Property Tax Act of 1893, specifically section 9, to clarify and expand exemptions from taxation for certain personal and real property. It maintains existing exemptions for the personal property of charitable, educational, and scientific institutions, while adding that personal property owned by nonprofit corporations and secret or fraternal societies operating facilities for the aged and chronically ill is also exempt, provided their net income does not benefit individuals outside of the residents. The bill updates terminology for various organizations, ensuring consistent capitalization. Additionally, it specifies that property used in agricultural operations does not include property used to cultivate marijuana and outlines exemptions for specific agricultural machinery and systems, emphasizing compliance with environmental regulations.

Furthermore, the bill introduces new exemptions for equipment used in wood harvesting, liquefied petroleum gas tanks on residential or agricultural property, water conditioning systems for residential use, and facilities with solar energy exemption certificates. It clarifies that personal property owned by banks and trust companies that is leased or loaned to private entities for profit is not exempt, and it defines farm products intended for human or animal consumption as in transit and temporarily at rest, thus not subject to taxation. The assessing officer is designated to determine what constitutes farm products, and records related to these products must be available for inspection. The enactment of this bill is contingent upon the passage of additional specified legislation from the 103rd Legislature.

Statutes affected:
House Introduced Bill: 211.9