Modifies provisions relating to property tax assessments of certain stationary property

HB 1892 standardizes how local assessors calculate property taxes for business equipment (like machinery and tools) by requiring them to use a federal-based depreciation schedule. It sets specific percentages for reducing the tax value of equipment over time, based on its expected useful life (recovery period), starting from the year the equipment was placed in service. Starting January 1, 2027, the law also applies to stationary real property (such as storage tanks for liquids/gases) used in transportation or storage, requiring assessors to use a 20-year depreciation schedule for these properties. Businesses owning this equipment or property must report its original cost and year placed in service by May 1st each year to support the assessment.