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FISCAL NOTE
House Bill 543
Committee: Ways and Means General FundSponsor: Representative Chip Brown
Analyst: Riley Aaron Date: 04/15/2025
House Bill 543 as introduced would decrease state ad valorem tax receipts by the estimated
annual amounts listed below beginning in Fiscal Year 2026 by increasing the threshold amount
of the market value of tangible personal property exempt from state levied ad valorem tax from
$40,000, currently, to $100,000 under this bill, beginning October 1, 2025..
State Ad
Valorem Tax
Source
Public School Funds: $1.65M
State General Fund: $1.38M
Human Resources Fund: $550K
Total: $3.58M
In addition, this bill would also decrease local ad valorem tax receipts by an undetermined
amount dependent on the adoption of the same exemption from local ad valorem taxes by a
county or municipality, the assessed value of the applicable property, and the respective millage
rates.