SB1276 Summary

• Amends personal property depreciation schedules by adding a new category for property initially classified in or after tax year 2022, using a flat 2.5% valuation factor instead of graduated percentages.

• Creates a new depreciation schedule for property initially classified before tax year 2022, with percentages starting at 26% in the second year and increasing to the full scheduled depreciated value by year six.

• Modifies the assessed valuation percentage for class one property by eliminating the gradual reduction schedule from 2024-2026 and setting it at 15% beginning January 1, 2024.

• Removes the previous declining percentages that would have resulted in assessed valuations of 16.5% (2023-2024), 16% (2024-2025), and 15.5% (2025-2026).

• Applies to tax years beginning from and after December 31, 2023.