Relating to the exemption of tangible personal property from ad valorem taxation; making conforming changes.

HB 3064 exempts all tangible personal property (such as equipment, inventory, and furniture) from annual ad valorem property taxes starting January 1, 2026. It removes references to taxing tangible personal property in multiple sections of the Texas Tax Code and adds a new provision (Section 11.015) explicitly stating this exemption. This change affects all property owners in Texas who currently pay taxes on tangible personal property, including businesses and individuals. The bill makes this exemption permanent for tax years beginning on or after January 1, 2026, with no further tax requirements for this property type.