Article
XIII Revenue and Taxation
Section Section 2 [Property tax.]
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