AMENDMENT #10
TANGIBLE PERSONAL PROPERTY TAX EXEMPTION

RECAP: Would provide an exemption from ad valorem taxes levied by local governments on tangible personal property that's value is greater than $25,000 but less than $50,000.

Ballot Summary

Proposing an amendment to the State Constitution to: (1) Provide an exemption from ad valorem taxes levied by counties, municipalities, school districts, and other local governments on tangible personal property if the assessed value of an owner's tangible personal property is greater than $25,000 but less than $50,000. This new exemption, if approved by the voters, will take effect on January 1, 2013, and apply to the 2013 tax roll and subsequent tax rolls. (2) Authorize a county or municipality for the purpose of its respective levy, and as provided by general law, to provide tangible personal property tax exemptions by ordinance. This is in addition to other statewide tangible personal property tax exemptions provided by the Constitution and this amendment.

Explanation

If enacted this amendment would provide an exemption from ad valorem taxes levied by local governments on tangible personal property that's value is greater than $25,000 but less than $50,000.
It doubles the current exemption on tangible personal property taxes to $50,000. This could impact your business if you have tangible personal property like machinery of between $25,000 and $50,000. Expected revenue loss to local governments is $20.1 million beginning in 13-14.