HB 566

Tangible personal property tax relief; rate of taxation. Requires, for tax year 2027 and all tax years thereafter, each county, city, or town to reduce its local tax rate on qualifying vehicles to no greater than $0.000001 per $100 of the eligible assessed value of the qualifying vehicle. The bill defines 'eligible assessed value' as $5,000 of the assessed value of a qualifying vehicle. For tax year 2028 and all tax years thereafter, for any year in which the revenues of a county, city, or town grow by five percent or more, the bill provides that the eligible assessed value applied in such county, city, or town shall increase by an additional $5,000 until such time that the eligible assessed value equals $20,000.