KY HB847

Proposes a constitutional amendment to Section 170 granting the General Assembly authority to exempt all or a portion of any class of property from taxation through general laws

Allows the legislature to reduce or eliminate tax rates applicable to any property class, or reduce the assessed value of property for taxation purposes

Expands legislative power to eliminate all or a portion of any state or local property tax and related provisions of that tax

Requires voter ratification at the next regular election when General Assembly members are chosen, with the Secretary of State publishing the full question and amendment in a statewide newspaper by the first Tuesday in August preceding the election

Replaces current constitutional language that only permitted exemptions for personal property taxes with broader authority covering all property classes and both state and local property taxes