House Bill 117 Summary

• Increases the personal property tax exemption from $100,000 to $250,000 per person located in a county, effective January 1, 2017.

• Requires county clerks to certify the additional exemption amount to the state tax commission by the third Monday of November 2017, with provisions for late filings by March 2018 for properties on missed rolls.

• State tax commission shall reimburse counties and taxing districts for lost tax revenue from the increased exemption in two equal installments (December 20 and June 20 annually).

• Modifies the definition of "taxable value" in section 63-803 to exclude the additional personal property exemption when calculating district taxable values for budget certification purposes.

• Declares an emergency and makes sections 1, 2, and 4 retroactively effective to January 1, 2017, with section 3 effective July 1, 2017.