Personal property up to $15,000

From the 2024 DOR Tax Exemption Study

84.36.110(2) - Personal property up to $15,000 Description In addition to the complete exemption of household goods and personal effects, the first $15,000 of taxable personal property for a head of family is exempt from property tax, excluding private motor vehicles and mobile homes. Purpose Provides property tax relief to heads of families who have taxable personal property used in a business activity (essentially sole proprietors). Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes $0.404 $0.403 $0.389 $0.382 Local Taxes $1.120 $1.229 $1.223 $1.238 Repeal of Repealing a property tax exemption would not increase state revenues. A repeal exemption shifts the state property tax to the currently exempt taxpayers and reduces the tax burden of other taxpayers. It may decrease the local rate and possibly result in local taxing districts at their statutory maximum rate experiencing a revenue increase. Potential ($ 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 $184.0 million. - This repeal takes effect