HB724 - Personal property; taxation rates, restrictions and conditions.

1 Co-Sponsor

Personal property taxation rates; restrictions and conditions. Restricts differences in the rates of taxation of personal property for taxpayers who are elderly or handicapped to owners of motor vehicles (i) whose income does not exceed the greater of $80,000 or the median income for the respective locality as published by the U.S. Census Bureau and (ii) whose net financial worth does not exceed $450,000. The bill provides that certain localities may restrict such differences to owners of motor vehicles (a) whose income does not exceed the greater of $130,000 or the median income for the respective locality as published by the U.S. Census Bureau and (b) whose net financial worth does not exceed $750,000. The bill requires the General Assembly to assess, every four years, whether such restrictions require adjustment based on the change in the Consumer Price Index.