Small Business Taxpayer Exemption – Do you Qualify?
The small business taxpayer personal property exemption provides a complete exemption from personal property tax for industrial or commercial personal property when the combined true cash value of all industrial personal property and commercial personal property owned by, leased by or in the possession of the owner or a related entity claiming the exemption is less than $80,000 in the local tax collecting unit. Form 5076 must be filed annually with the local tax collecting unit no later than February 10.
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