Heavy equipment rental property

From the 2024 DOR Tax Exemption Study

84.36.597 - Heavy equipment rental property Description All heavy equipment rental property owned by a heavy equipment rental property dealer is exempt from property tax. A claim must be filed annually with the dealer's personal property listing to the county assessor for an exemption from taxes payable the following year. Purpose To reduce costs for owners of heavy equipment rental property. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes ($2.467) ($2.453) ($2.615) ($2.799) Local Taxes $2.171 $2.544 $2.581 $2.655 Repeal of Repealing a property tax exemption would increase state revenues. The repeal also exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. The repeal may decrease the local rate, and local taxing districts which are at their statutory maximum rate may therefore experience a revenue increase. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 ($3.013) ($3.436) ($3.618) Local Taxes $0.000 $0.000 $0.141 $0.144 Assumptions - The total estimated exempt value is $286.3 million. - This repeal takes effect beginning with