1. (a) A person's personal property is not subject to valuation or to property tax if all of the person's personal property statewide had a total original cost of less than $20,000.

2. (b) If the person attests to owning a sum total of personal property with an original cost of less than $20,000, the Department may not:

   1. (1) collect personal property information from the person; or
   2. (2) require the person to submit a personal property tax return.

Added by Acts 2018, c. 102, § 1, eff. July 1, 2018. Amended by Acts 2022, c. 327, § 1, eff. June 1, 2022; Acts 2022, c. 328, § 1, eff. June 1, 2022.