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

SB 459 exempts tangible personal property (such as furniture, equipment, and vehicles) from ad valorem taxation starting with tax years beginning on or after January 1, 2026. This change directly affects property owners who currently pay taxes on such items, removing this tax burden for future tax years. The bill makes conforming updates to the Texas Tax Code by removing references to tangible personal property in sections about property assessment, taxation, and charitable organization exemptions. It does not alter current tax obligations for property taxed before 2026. The bill is currently pending in the Local Government committee after being filed in November 2024.