(a) Notwithstanding the provisions of chapter 5 of this title or any other provisions of law to the contrary, in an effort to provide relief for businesses, including small businesses, and to promote economic development, a city, town, or fire district shall provide each tangible property taxpayer on the aggregate amount of all ratable, tangible personal property not otherwise exempt from taxation an exemption from taxation of fifty thousand dollars ($50,000) applicable to the assessment date of December 31, 2023, and for each assessment date thereafter. All ratable, tangible, personal property valued above fifty thousand dollars ($50,000) remains subject to taxation. (b) Individual personal exemptions granted to tangible property taxpayers in any city, town, or fire district at the time of the effective date of this chapter shall be applied to assessed values prior to applying the statewide exemption provided in this section in order that any lost revenue to be reimbursed pursuant to this chapter for each respective city, town, or fire district shall not include revenue loss resulting from these individual personal exemptions. (c) Exemptions existing and uniformly applied to all tangible property taxpayers in any city, town, or fire district at the time of the effective date of this chapter shall be disregarded in order that any lost revenue to be reimbursed pursuant to this chapter for each respective city, town, or fire district shall include revenue loss resulting from such preexisting uniform exemptions.
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