Fountain Valley News - Your Hometown Community Newspaper

Business property exemptions change

 

Last updated 12/28/2021 at 2:31pm



Under a new law, HB 21-1312, starting Jan 1, 2022, business personal property exemption will change from $7,900 to $50,000.

Effective January 1, 2022, any business owner whose Business Personal Property is $50,000 or less as per the Assessor Market Value, no longer needs to pay a Personal Property Tax, nor do they have to file the yearly Declaration Schedule with the County Assessor. Business Personal Property can be defined as everything which is not real property, typically portable or movable items.

The state will reimburse local governments for the lost property tax revenue caused by t...



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