Low value parcels

From the 2024 DOR Tax Exemption Study

84.36.015 - Low value parcels Description Each parcel of real property and each personal property account that individually has an assessed value of less than $500 is exempt from property tax. Purpose Avoids the administrative expense of listing, valuing, and collecting property tax on very small accounts. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.102 $0.104 $0.107 $0.109 Local Taxes $0.300 $0.317 $0.336 $0.355 Repeal of Repealing a property tax exemption would not increase state revenues. A repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. It may decrease the local rate and possibly result in local taxing districts at their statutory maximum rate experiencing a revenue increase. Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 $0.000 $0.000 $0.000 Local Taxes $0.000 $0.009 $0.019 $0.020 Assumptions - The total estimated exempt value is $14.4 million. - This repeal takes effect beginning with property taxes due for calendar year 2025. - Growth rate mirrors the property tax growth rate reflected in the Econom