Many business onwers have received Form 5076 with their Personal Property Tax Statement this year. Should you complete this?
The Governor signed this $80,000 exemption for both industrial and commercial personal property. However, the bill still needs to be voted on in August by the voters. If it is NOT passed, the PPT will remain unchanged. I am recommending to all of my clients who qualify as either commercial or industrial property to complete & send in the exemption form (Form 5076) BEFORE February 1st.
I am also recommending to also prepare the actual PPT return before the February 28th due date, regardless of the amount of personal property you have. If the bill is NOT passed by the voters, the PPT for 2014 will be unchanged. If the PPT return is not filed by Feb. 28th due date, the assessor will assess tax based on prior year returns. If the bill is passed and your have filed both the exemption & the return AND you have under $80,000 of persona property, no tax will be due.