An Act To Increase The Personal Property Tax Exemption For Farm Machinery

This bill amends a previous law to increase the property tax exemption for farm machinery from $10,000 to $45,000, starting April 1, 2024. To help local governments cover the resulting loss in tax revenue, the state will reimburse municipalities for 50% of that loss and pay 90% of any state-mandated costs related to the change. The law also clarifies that farm equipment already eligible for business equipment tax exemptions or reimbursements cannot receive this additional exemption.