A timely return in the initial year must be filed to receive the $25,000 exemption. Filing a return after the April 1 deadline will result in penalties.
The return shall be considered the application for the $25,000 tangible personal property exemption and will be applied to the first $25,000 of assessed value for the tangible personal property account. Failure to file a return constitutes a failure to apply for the exemption.
In subsequent years, if the assessed value based on the return is less than $25,000, the requirement to file a return is waived. If the assessed value based on the return is greater than $25,000, a return must be filed each year.
Freestanding property placed at multiple sites, other than where the owner transacts business, will receive one single $25,000 exemption for all the locations.
To file for an extension please complete and submit this form: