HB 441 Summary

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

• Provides each taxpayer an additional $100,000 personal property exemption on and after January 1, 2013, with state tax commission reimbursement to counties for lost tax revenue.

• Excludes improvements on exempt and railroad lands from eligibility for the personal property tax exemption under section 63-602KK.

• Revises "market value for assessment purposes" definition to include property exempt under section 63-602KK in school bond calculations.

• Makes technical corrections to sales tax distribution provisions regarding consolidated taxing districts, annexation of territory, and eligibility restrictions for districts formed after January 1, 2013, with retroactive application to January 1, 2014.