1.  Is it $25,000 off the acquire cost or assessed value?

The exemption applies to the first $25,000 of the assessed value.

2.  I have multiple businesses does it apply to just one; or all?

A single return must be filed for each site in the county where the owner of tangible personal property transacts business.

3.  Do I have to report all of my assets or just up to $25,000?

All assets used to run the operation / or place of business needs to be reported with its original cost.  The Property Appraisers Office will review the information and make a final decision.

4.  If my assets do not make up $25,000 in assessment value, am I not qualified for the exemption?

Any business owner that has an active business in the county is eligible for the $25,000 exemption; however, it is necessary that each tax payer file an initial return in order for the Property Appraiser to calculate if your assessment is under the $25,000 scope. 

5. If approved am I automatically included or do I still file a return?

No, you are not automatically included one needs to file a DR405 with all assets and their original cost.  If the assessment is under the $25,000 then you are waived from future filings.  In order to qualify for this waiver, a taxpayer must file an initial return.

6.  Do I have to file every year? Are there penalties for not filing?

An initial 2008 tax return must be filed even if the assessed value is less than the $25,000 exemption.  After the initial filing, future consecutive filings are waived as long as the assessed value does not exceed $25,000.  A taxpayer that fails to file a return in any year where the assessed value exceeds $25,000 is subject to the full amount of taxes due without any exemption and with any applicable penalties.