Heavy equipment rental property

From the 2024 DOR Tax Exemption Study

Home Forms & Publications Publications By Subject Special Notices Property Tax Exemption For Heavy Equipment Rental Property Print Property tax exemption for heavy equipment rental property Issue Date January 05, 2021 Intended audience: Heavy equipment rental dealers and local county assessors. The 2020 Legislature passed Substitute Senate Bill (SSB) 5628 which creates the following: A property tax exemption for heavy equipment rental property owned by a heavy equipment rental dealer (effective for 2021 assessment year). Heavy equipment rental tax of 1.25% that will be imposed on each instate rental of heavy equipment rental property (effective Jan. 1, 2022). What is heavy equipment rental property? This bill creates a property tax exemption for all heavy equipment rental property owned by a heavy equipment rental dealer. To qualify for the property tax exemption the heavy equipment must meet the following criteria: Mobile . Equipment may not be permanently affixed to real property and may be moved among worksites if needed. Customarily used for construction, earthmoving, or industrial applications . This includes the constructing of new buildings or other structures, or the repair