it $25,000 off the acquire cost or assessed value?
The exemption applies to the first $25,000 of the assessed value.
have multiple businesses does it apply to just one; or all?
A single return must be filed for each site in the county where the
owner of tangible personal property transacts business.
I have to report all of my assets or just up to $25,000?
All assets used to run the operation / or place of business needs
to be reported with its original cost. The Property Appraisers Office
will review the information and make a final decision.
my assets do not make up $25,000 in assessment value, am I not qualified for the
Any business owner that has an active business in the county is
eligible for the $25,000 exemption; however, it is necessary that each tax payer
file an initial return in order for the Property Appraiser to calculate if your
assessment is under the $25,000 scope.
5. If approved am I automatically
included or do I still file a return?
No, you are not automatically included one needs to file a
DR405 with all assets and their original cost. If the assessment is under
the $25,000 then you are waived from future filings. In order to qualify
for this waiver, a taxpayer must file an initial return.
I have to file every year? Are there penalties for not filing?
An initial 2008 tax return must be filed even if the assessed
value is less than the $25,000 exemption. After the initial filing,
future consecutive filings are waived as long as the assessed value does not
exceed $25,000. A taxpayer that fails to file a return in any year where
the assessed value exceeds $25,000 is subject to the full amount of taxes due
without any exemption and with any applicable penalties.