FL H1005

Waives the annual tangible personal property tax return requirement for taxpayers whose taxable property value does not exceed $25,000, provided they file an initial return to qualify for the exemption.

Allows taxpayers whose property value exceeds the $25,000 threshold in subsequent years to file a return and resume tax obligations; they may re-qualify for the waiver only after filing a return showing property value below $25,000.

Permits property owners previously assessed without filing a return to qualify for the exemption at the property appraiser's option without filing an initial return.

Requires property appraisers to notify by February 1 each year all taxpayers whose filing requirement was waived, stating that returns must be filed if property value exceeds the exemption and including penalty information.

Establishes penalties of 15 percent interest per annum and 50 percent of taxes exempted for taxpayers who wrongfully claim more exemptions than allowed, effective prospectively to the 2013 tax roll.