Vote Smart's Synopsis:

Vote to pass a bill that reduces personal property tax rates for motor vehicles and increases the minimum tax amount for motorcycles and motor vehicles.

Highlights:

• Reduces the percentage of the value of an individual’s motor vehicle in calculating the taxable value of a vehicle beginning in 2014 from 15 percent to the following (Sec. 1):
• 15 percent for years 1 through 3 of the vehicle;
• 12 percent for years 4 through 6 of the vehicle; and
• 10 percent for all other years of the vehicle.

• Reduces the percentage that the value of a vehicle is multiplied by in order to determine the taxable value of a vehicle beginning in 2014 from 20 percent to the following (Sec. 1):
• 18 percent during the calendar year 2014;
• 16 percent during the calendar year 2015;
• 14 percent during the calendar year 2016; and
• 12 percent during the calendar year 2017, and all following calendar years.

• Specifies that the “county average tax rate” includes certain percentages of property taxes levied by school districts in calculating the total amount of property taxes levied by a county as follows (Sec. 1):
• 25 percent of all property taxes collected by school districts as of November 1, 2013;
• 50 percent of all property taxes collected by school districts as of November 1, 2014;
• 75 percent of all property taxes collected by school districts as of November 1, 2015; and
• 100 percent of all property taxes collected by school districts as of November 1, 2016 and each following calender year.

• Increases the minimum personal property tax amount for motorcycles and motor vehicles as follows (Sec. 1):
• From $12 to $18 for motorcycles; and
• From $24 to $36 for motor vehicles.

Full Bill Text