Reduce Business Personal Property Taxes

There is currently an exemption from property tax for business personal property that would otherwise be listed on a single personal property schedule that is equal to $7,400 for the current property tax year cycle. The bill raises the exemption to $50,000 commencing in tax year 2018, and continues to adjust it for inflation for subsequent property tax cycles, so that businesses with personal property under $50,000, or the inflation adjusted amount, would not have to file the business personal property tax forms nor pay the corresponding tax.

The bill also raises the value of business personal property that qualifies for an exemption for consumable property from $350, which is the value set by the property tax administrator, to $500.

(Note: This summary applies to this bill as introduced.)