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Levy County Property Appraiser Francis Akins recently released the second of four sets of information regarding the Jan. 29 ballot question related to modifying Homestead Exemption.
The first part was in regard to the increased exemption. This release is about tangible personal property taxes.
The property tax reform package provides for an exemption of $25,000 of the assessed value of tangible personal property (TPP), Akins said.
The TPP exemption applies to all levies imposed by taxing authorities, including school districts, Akins said.
There are several provisions regarding the filing of returns, Akins said as he quoted the proposed new law. Those provisions include:
* A "single return must be filed for each site in the county where the owner of tangible personal property transacts business."
* Owners of "freestanding property placed at multiple sites, other that sites where the owner transacts business" must file a single return and include all such property located in the county. This type of property includes "vending and amusement machines, LP/propane tanks, utility and cable company property, billboards, leased equipment, and similar property that is not customarily located in the offices, stores, or plants, of the owner, but is placed throughout the county."
* Railroads, private carriers, and other companies assessed by the Department of Revenue under section 193.085, Florida Statutes (2007), are allowed one $25,000 exemption for each county to which the value of their property is allocated.
* Any taxpayer claiming more exemptions than allowed is subject to the taxes exempted as a result of wrongfully claiming the additional exemptions plus 15 percent interest and a penalty of 50 percent of the taxes exempted.
* The exemption does not apply to a mobile home that is presumed to be tangible personal property.
There are several provisions relating to the wavier of the annual requirement of filing a TPP return. Essentially, all taxpayers owning TPP in the county that is valued less than or equal to $25,000 are not required to make an annual application once an initial return of TPP valued less than or equal to $25,000 is filed.
TANGIBLE PERSONAL PROPERTY ONLY
If the exempt amount is $25,000 and assessed value is $25, 000 or less then taxes $0.00
Akins used 2007 values and millage rates to determine the following maximum savings in the various taxing districts.
Bronson - $465
Chiefland - $504
Cedar Key - $480
Cedar Key Special Water and Sewer - $402
Fanning Springs - $435
Inglis - $502
Otter Creek - $453
Williston - $527
Yankeetown - $422
Rainbow Lakes - $416
Unincorporated Levy County in the Southwest Florida Water Management District - $389
Suwannee River Water Management District - $385