Enactment of this legislation could increase local government tax revenues from lifetime age-based/uniform fees on eligible property by approximately $4,170,000 in FY 2027 and $6,979,000 in FY 2028. As lifetime registrations decrease the number of annual registrations over time, it is estimated that this bill will decrease age-based/uniform fees by approximately $5,562,000 ongoing in FY 2035 when the bill is in full effect. Enactment of this legislation could decrease local government tax revenues from discontinuing lifetime age-based/uniform fees on certain commercial trailers by approximately $66,000 in FY 2027 and increase tax revenues by $56,000 in FY 2028. As new annual registrations increase over time as lifetime registrations are discontinued, it is estimated this bill could increase local tax revenues by approximately $1,810,000 ongoing in FY 2031 when this provision of the bill is in full effect.

Enactment of this legislation allows owners of eligible property to obtain lifetime registration and pay a one-time uniform fee in lieu of ad valorem tax and forego having to pay future registration and ad valorem fees. Registration fees on eligible property under current code are estimated to be between $26 and $76, and the one-time registration fees in this bill could range from $102 to about $302. Annual uniform fee on eligible property currently ranges from $9 to $82, and the one-time uniform fee in this bill could range from $36 to $328. Owners who choose to pay the one-time registration and uniform fees will pay more in a single year, but may save money over time if they own eligible property for at least 4 years. Impacts will vary by owner, with only owners who anticipate savings choosing the one-time registration and uniform fees. In total, it is estimated that owners of eligible property will pay approximately $7,814,000 more in FY 2027 and $13,086,000 more in FY 2028; however, they could pay $10,425,000 less ongoing when the bill is in full effect in FY 2035. Enactment of this legislation discontinues owners of certain commercial trailers to obtain lifetime registration and pay a one-time uniform fee in lieu of ad valorem tax and forego having to pay future registration and ad valorem fees. One-time registration fees on certain commercial trailers under current code are estimated to be $179, and the annual registration fees in this bill could be about $50. The one-time uniform fee on certain commercial trailers averages $150, and the annual uniform fee in this bill could average $111. In total, it is estimated that owners of certain commercial trailers will pay approximately $286,000 less in FY 2027 and $300,000 less in FY 2028; however, they could pay $1,904,000 more ongoing when this provision in the bill is in full effect in FY 2031.