Authorizes provisions to allow local taxing entities to establish totaled motor vehicle personal property tax proration programs for certain taxpayers to reduce property tax bills

HB 708 allows counties, cities, and other local taxing entities to create programs that let taxpayers with totaled vehicles (declared a total loss by insurance) receive a prorated property tax credit. The credit reduces the annual property tax bill based on the number of months the totaled vehicle was owned during the tax year (calculated as months owned divided by 12). It applies to both individual and business taxpayers who meet specific criteria, including having the vehicle titled in their name as of January 1, being up-to-date on taxes, and transferring title to an insurer. The credit is nonrefundable but can lower tax liability to zero and does not affect the right to protest tax assessments.