Important News for Business Owners
There have been several changes made concerning the taxation of personal property. Beginning December 31, 2013, some personal property will be exempt from taxation.
In order to be eligible personal property and qualify for the exemption, the personal property must meet all of the following conditions:
**The combined true cash value of all industrial personal property and commercial personal property owned by, leased by, or in the possession of the owner or a related entity claiming the exemption is less than $80,000 in the local tax collecting unit, and **The property is not leased to or used by a person that previously owned the property or a person that, directly or indirectly controls, is controlled by, or under common control with the person that previously owned the property, and **The exemption must be properly claimed.
To claim the exemption, the owner must file an affidavit (Form 5076), with the Assessor's office NO LATER THAN FEBRUARY 20th!! If the affidavit is filed, the owner is not required to file a personal property statement.