House Bill 272 Summary

• Single items of taxable personal property purchased on or after January 1, 2013, with an acquisition price of $1,500 or less are exempt from property taxation.

• Each taxpayer's personal property located in a county (not otherwise exempt and not operating property) is exempt up to $100,000 in value, effective January 1, 2013.

• County clerks must certify exemption amounts to the state tax commission by the third Monday of November each year, and the state tax commission reimburses counties for property tax reductions in two installments (December 20 and June 20).

• Taxpayers claiming exemptions must apply on state-prescribed forms and, after the first year, may renew by signing annual affidavits; fraudulent claims carry fines up to $10,000 plus other penalties.

• Improperly claimed exemptions may be recovered within seven years through assessment and collection procedures, with unpaid amounts becoming liens on the taxpayer's personal property; provides sales tax distribution provisions to fund replacements for exempted personal property taxes.