Amendment 2 Impact on Property Taxation in November 2022 Ballot
Learn about the implications of Amendment 2 on property taxation in the upcoming November 2022 election. The proposed amendment could grant legislative authority to exempt certain business properties, affecting property tax revenues that fund K-12 education. Understand the key points and potential consequences of this significant vote.
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Presentation Transcript
November 2022 On the November 2022 General Election ballot, there s a very concerning vote to amend Section 1, Article X (10) in the state s constitution. Amendment 2, Amendment 2,if passes, will allow * *Exempt machinery and equipment Exempt machinery and equipment- -business tangible personal property property- -used in business activity, gas used in business activity, gas- -stored inventory; coal stockpiles; retail sales; manufacturing used in production (raw stockpiles; retail sales; manufacturing used in production (raw materials, work materials, work- -in in- -progress & finished goods. progress & finished goods. * *Exempt tangible inventory personal property directly used in business Exempt tangible inventory personal property directly used in business activity. activity. * *Exempt personal property tax on motor vehicles. Exempt personal property tax on motor vehicles. if passes, will allow legislative authority legislative authority to: business tangible personal stored inventory; coal to:
The legislature wants to control the taxing of business machinery and equipment BUT: And don t forget: Business PP Tax accounts for 24% of the Property Tax Revenue and 2/3 of Property Tax Revenue Funds K-12 Education.
If Amendment 2 passes, it doesnt exempt anything, rather, it permits the Legislature to, through general law, exempt certain properties from property taxation. This Amendment gives current and future Legislatures the ability/power to make changes/exempt business personal property machinery, equipment, and inventory along with personal property vehicle taxes without coming back to you, the taxpayers for your approval.
The numbers on the next slides were requested by Senator Tarr and were generated by an Assessors Task Force. LEGEND Furniture & Fixtures Machinery & Equipment Leasehold Improvements Computer Equipment Inventory Vehicles
2021 Grand Totals Leasehold Improvements Computer Equipment Machinery & Equipment Furniture & Fixtures Inventory Vehicles Non Taxable
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