FL S1062

Revises waiver conditions for filing tangible personal property tax returns by creating two separate waiver categories based on property value thresholds.

Allows taxpayers to waive filing requirements if the value of listed property does not exceed the $25,000 exemption, or if taxable value is $25,000 or less with no tax liability incurred.

Requires taxpayers claiming the second waiver category to file an initial return disclosing taxable value but need not file again until owned property exceeds $25,000.

Maintains existing penalties including 15 percent annual interest and 50 percent penalty for taxpayers who wrongfully claim additional exemptions beyond those allowed.

Takes effect on the same date as a related constitutional amendment to tangible personal property taxes and applies beginning with the 2013 tax roll.