AR HJR1008

Authorizes the General Assembly to reduce or completely eliminate taxes on personal property, including the ability to establish maximum tax rates and create exemptions for personal property taxation

Repeals the current constitutional requirement that personal property and real property be taxed at equal millage rates, allowing different tax rates for each property type

Amends Constitutional Amendments 30 and 38 to allow city and county library taxes to be levied on real property only, personal property only, or both, rather than requiring taxation of both property types

Maintains the existing 5-mill cap for library maintenance/operations and 3-mill cap for library capital improvements, but allows these rates to apply separately to real and personal property

Takes effect January 1, 2027, if approved by voters at the next general election for Representatives and Senators