To ascertain the value of any item of tangible machinery and equipment personal property used in business activity

HB 2895 sets the assessed value of business machinery, equipment, and inventory used directly in business operations, plus all personal motor vehicles, to $0 for property tax purposes starting July 1, 2025. This policy change directly affects businesses that own such equipment or inventory, as well as owners of personal vehicles (which are typically not business property but are included in the bill). The key mechanism is a flat $0 valuation for these specific property types, removing them from the standard ad valorem property tax calculation. This represents a significant tax relief for affected businesses and vehicle owners by eliminating property tax liability on these items.