Proposed constitutional amendment to prohibit ad valorem taxes on tangible personal property by counties, school districts, and municipalities.

The bill proposes a constitutional amendment to prohibit the levying of ad valorem taxes on tangible personal property by counties, school districts, and municipalities. This amendment aims to change the State Constitution by prohibiting these entities from imposing such taxes. The amendment would take effect on January 1, 2027. The bill also includes provisions for exemptions and limitations on ad valorem taxes, such as exemptions for certain properties and limitations on the percentage increase in assessments.

Proposed constitutional amendment to prohibit ad valorem taxes on tangible personal property by counties, school districts, and municipalities.

The bill proposes a constitutional amendment to prohibit the levying of ad valorem taxes on tangible personal property by counties, school districts, and municipalities. This amendment aims to change the State Constitution by prohibiting these entities from imposing such taxes. The amendment would take effect on January 1, 2027. The bill also includes provisions for exemptions and limitations on ad valorem taxes, such as exemptions for certain properties and limitations on the percentage increase in assessments.