H.B. 29 Summary

• Personal property purchased on or after January 1, 2013, with an acquisition price of $3,000 or less is exempt from property taxation, where acquisition cost includes purchase price, freight, installation, and sales/use taxes.

• Each taxpayer's personal property located in a county is exempt from taxation up to $100,000 in value, effective January 1, 2015, with exemptions applying to related individuals or organizations within Internal Revenue Code section 267 relationships.

• County clerks must certify exemption amounts to the state tax commission by the third Monday of November, and the state tax commission reimburses counties from appropriated funds in two equal payments (December 20 and June 20).

• Taxpayers may apply for exemptions once if they received the exemption in the prior year and conditions remain unchanged, with knowingly failing to report changes subject to fines up to $10,000.

• Improperly claimed exemptions may be recovered within seven years, with recovery calculated using the exempted value multiplied by the tax levy plus interest and late charges, and recovered taxes distributed to affected taxing districts or remitted to the state.