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Businesses now have $100,000 exemption on personal property | Preston Citizen

Businesses now have $100,000 exemption on personal property

April 27, 2013

Due to a new tax law (House Bill 315) that takes effect immediately, businesses can exempt the first $100,000 of their personal property value under one ownership in any county. Businesses with locations in more than one county in Idaho can exempt up to $100,000 of the personal property value in each county in which the property is located.

Businesses with property in multiple locations in one county have until May 1, 2013, to submit location election forms to their county assessor(s) if they want to choose the location(s) of the exempt property.

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Businesses will receive the exemption based on the personal property lists (declarations) already required to be filed with the county assessor. If a business doesn’t have multiple locations or doesn’t want to elect a particular location, there are no additional filing requirements.

Location election forms are available from county assessors or from the Idaho State Tax Commission website at tax.idaho.gov

Personal property generally is mobile and includes furniture and office equipment. This exemption does not apply to buildings and structures.

Questions can be directed to local county assessor Jase Cundick or to Alan Dornfest, (208) 334-7742 or Rick Anderson, (208) 332-6624 in the Tax Commission’s Property Tax Division.

This story is sponsored by Flags West Truck Stop.

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