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IN SB0233
Bill
AI Summary
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Business personal property tax exemption threshold increases from $20,000 to $40,000 in acquisition cost, effective for assessment dates after December 31, 2019.
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Township or county assessors must provide notification to taxpayers at least 30 days before the filing date, including due dates, contact information, and instructions for obtaining tax forms; notification must be sent by mail unless the taxpayer consents to electronic mail.
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Taxpayers claiming the exemption must declare on their personal property tax return whether their business personal property is in one or multiple locations within the county and provide an address for the location with the greatest acquisition cost.
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Repeals the authority for county fiscal bodies to impose a local service fee (up to $50) on persons claiming the business personal property tax exemption.
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Transfers responsibility for maintaining and submitting geographic information system (GIS) parcel data from assessors to the appropriate county officer designated by the county executive, with data submitted to the geographic information office of the office of technology.
Legislative Description
Business personal property tax exemption. Provides that not later than 30 days prior to the filing date, the appropriate assessor shall provide notification to each person whose personal property is subject to assessment. Increases, from $20,000 to $40,000, the acquisition cost threshold for the business personal property tax exemption. Specifies that a taxpayer who is eligible for a personal property tax exemption must include on the taxpayer's personal property tax return: (1) information concerning whether the taxpayer's business personal property within the county is in one location or multiple locations; and (2) an address for the location of the property. Provides that the appropriate county officer designated by the county executive (rather than the assessor, under current law) is responsible for: (1) maintaining data files of the geographic information system characteristics of each parcel in the county as of each assessment date; and (2) submitting those files to the geographic information office of the office of technology. Repeals provisions in current law that allow a county council to impose a local service fee on each person that has exempt business personal property because the business personal property does not exceed the acquisition threshold. Removes outdated provisions.
Last Action
Public Law 273
5/6/2019