Bill Summary: SB 1060

• Lowers the personal property exemption threshold from $180,000 to $80,000 in true cash value for eligible industrial and commercial property under Section 9o of the General Property Tax Act.

• Creates two tiers of exemption eligibility: property with combined true cash value less than $80,000 (filed once) and property with combined true cash value between $80,000 and less than $180,000 (filed annually with the state tax commission).

• Increases the interest rate on corrected or supplemental tax bills from 1% to 1.25% per month for properties where exemptions are improperly claimed or later removed.

• Permits assessors to deny exemption claims for the current year and the 3 immediately preceding calendar years, and requires owners to rescind exemptions or re-file if their property status changes.

• Takes effect December 31, 2022, and is contingent on enactment of Senate Bills 1061 and 1062.