House Bill No. 482 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 with a $100,000 exemption on personal property located in the county, effective January 1, 2013, excluding rate-regulated public utilities and railroads.

• Excludes motor vehicles, recreational vehicles, aircraft, and boats without state registration from the exemption provisions.

• Requires county assessors to send applications to taxpayers by March 1 each year, with taxpayers needing to reapply only once every five years if conditions are met.

• Establishes a seven-year recovery period for improperly claimed exemptions, with penalties up to $10,000 for knowingly failing to report changes in taxable property value.