Modifies provisions relating to property tax assessments of certain stationary property

HB 531 standardizes how local governments calculate property taxes on business equipment by requiring a specific depreciation schedule based on IRS recovery periods. It creates a table showing annual value deductions (e.g., 75% in Year 1 for 3-year assets) for property used in trade or income-producing activities, affecting businesses owning machinery, tools, or similar equipment. Starting January 1, 2026, the same rules will apply to stationary pipelines and storage facilities for water, sewage, gas, or other non-petroleum liquids, using a fixed 20-year schedule. Taxpayers can challenge assessments using appraisals or evidence of obsolescence, but the rules do not apply to property placed in service before January 2, 2006.