Reduces the assessment percentage of certain personal property and provides a personal property tax exemption for certain personal property upon adoption of a constitutional amendment authorizing such exemption

This bill proposes to exempt certain farm machinery and motor vehicles manufactured ten or more years ago from state and local property taxes, contingent on a constitutional amendment. It also outlines a phased reduction in the assessment percentage for personal property, starting in 2027, and details specific assessment percentages for various subclasses of real property. Additionally, the bill addresses how manufactured homes are assessed and taxed, and provides guidelines for assessors valuing motor vehicles.

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