2003 House Bill 4234 ↩

House Roll Call 342: Passed

To exempt a business from paying personal property tax (property tax on capital equipment) if all its business related property, including that of affiliates elsewhere in the state, is valued less than $7,500 as measured by its state equalized value, which is approximately half of the market value. The state would be required to reimburse local governments and the school aid fund for any revenue they do not collect as a result of this exemption. The so-called “personal property tax” is assessed on the tools and capital equipment used by a business, and is levied in the same manner as regular real estate property taxes.