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Personal Property Tax Exemption for Home-based Businesses
Personal property owned by small, home-based businesses may be exempt from taxation. To be eligible, the following criteria must be met:
1) The personal property must be owned by an individual and used in connection with a business, profession or occupation that is a sole proprietorship (legal entities such as corporations, LLCs, LPs, and LLPs are not eligible).
2) The personal property must be located at the individuals principal residence which must also be the principal place of business of the sole proprietor.
3) The total original cost of all the business personal property owned by the individual including average inventory value and excluding exempt vehicles must be less than $10,000.
4) Businesses that are eligible must initially file a Personal Property Return for Sole Proprietors (Form 2).
5) Eligible businesses will receive a one-time approval email near the beginning of the calendar year after their initial filing if they meet the criteria. No further returns need to be filed as long as the criteria continue to be met.
6) Businesses that need a Traders License and have a home-based business exemption do not file a personal property return. A Declaration of Inventory form should be submitted to the Clerk of the Court with the license application.
7) Businesses may file for this exemption for prior years with an amended return. An amended return must be filed within 3 years from the April 15th date that the original report was due.
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