SB 649 - Current law requires that personal property be assessed at 33.3% of its true value in money. This act requires county assessors to annually reduce such percentage such that the amount by which the revenue generated by taxes levied on such personal property is reduced is substantially equal to one hundred percent of the growth in revenue generated by real property assessment growth, as defined in the act. Annual reductions shall be made until December 31, 2073. Thereafter, the percentage of true value in money at which personal property is assessed shall be equal to the percentage in effect on January 1, 2073.

This act is substantially similar to a provision contained in SS#2/SB 24 (2021) and CCS/SS/HCS/HB 66 (2021).

JOSH NORBERG