TX HB4360

Exempts all tangible personal property from ad valorem (property) taxation for tax years beginning on or after January 1, 2026

Removes existing exemptions and special appraisal provisions specific to tangible personal property, including dealer motor vehicle inventory, heavy equipment inventory, vessel and outboard motor inventory, and manufactured housing inventory

Eliminates rendition requirements for tangible personal property used for the production of income, while maintaining rendition requirements for real property when requested by the chief appraiser

Modifies the no-new-revenue maintenance and operations rate calculation for taxing units to subtract "last year's tangible personal property levy" from the formula for the 2026 tax year transition period

Takes effect January 1, 2026, contingent upon voter approval of a constitutional amendment exempting tangible personal property from ad valorem taxation