General aviation

From the 2024 DOR Tax Exemption Study

82.48.110 - General aviation Description Provides a property tax exemption for general aviation aircraft when aircraft excise tax is paid. Purpose To eliminate double taxation. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $3.931 $4.026 $4.123 $4.223 Local Taxes $11.627 $12.278 $12.967 $13.696 Repeal of Repealing a property tax exemption would not increase state revenues. A repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. It may decrease the local rate and possibly result in local taxing districts at their statutory maximum rate experiencing a revenue increase. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.360 $0.705 $0.740 Assumptions - The total estimated exempt value is $1.8 billion. - This repeal takes effect beginning with property taxes due for calendar year 2025. - Repealing this exemption shifts an estimated $4.3 million in state property taxes to exempt property owners and shifts an estimated $12.3 million in local property taxes in fiscal year 2026. Data Sour