Article XIII, Section 2. [Property tax.]
(1) So that each person and corporation pays a tax in proportion to the fair market value
of his, her, or its tangible property, all tangible property in the State that is not exempt under the
laws of the United States or under this Constitution shall be:
(a) assessed at a uniform and equal rate in proportion to its fair market value, to be
ascertained as provided by law; and
(b) taxed at a uniform and equal rate.
(2) Each corporation and person in the State or doing business in the State is subject to
taxation on the tangible property owned or used by the corporation or person within the
boundaries of the State or local authority levying the tax.
(3) The Legislature may provide by statute that land used for agricultural purposes be
assessed based on its value for agricultural use.
(4) The Legislature may by statute determine the manner and extent of taxing livestock.
(5) The Legislature may by statute determine the manner and extent of taxing or
exempting intangible property, except that any property tax on intangible property may not
exceed .005 of its fair market value. If any intangible property is taxed under the property tax,
the income from that property may not also be taxed.
(6) Tangible personal property required by law to be registered with the State before it is
used on a public highway or waterway, on public land, or in the air may be exempted from
property tax by statute. If the Legislature exempts tangible personal property from property tax
under this Subsection (6), it shall provide for the payment of uniform statewide fees or uniform
statewide rates of assessment or taxation on that property in lieu of the property tax. The fair
market value of any property exempted under this Subsection (6) shall be considered part of the
State tax base for determining the debt limitation under Article XIV.
No History for Constitution
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Last revised: Thursday, May 28, 2009