ID H0315

Exempts personal property items purchased on or after January 1, 2013, with an acquisition price of $3,000 or less from property taxation.

Exempts each taxpayer's personal property located in a county (not including operating property) to the extent of $100,000 effective January 1, 2013.

Requires county clerks to certify exemption amounts to the state tax commission by the third Monday of November, with the state reimbursing taxing districts for lost property tax revenue.

Establishes procedures for taxpayers to apply for exemptions once every five years (if conditions are met) and creates penalties up to $10,000 for fraudulent exemption claims.

Defines acquisition cost as including purchase price, freight, shipping, installation, engineering, and sales/use taxes; exemptions do not apply to motor vehicles, recreational vehicles, aircraft, or boats without proper registration.