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Staff estimate: $100,000 business personal property exemption could cost Covington County about $37,580 a year
Summary
County staff told commissioners the state's $100,000 business personal property threshold would exempt that amount from local taxes and estimated an annual revenue loss to Covington County of about $37,580; commissioners were told final property valuations should be known by May and will be asked to opt in or opt out.
County staff briefed the Covington County Commission on Jan. 27 about a new state threshold that would exempt up to $100,000 of business personal property from local taxation and reported a preliminary county revenue impact estimate.
"It looks like with the $100,000 threshold ... it would be a $37,580 loss of revenue for the county for a year," an unidentified county staff member said, and added that the county will send the commission a formal letter asking whether the county should opt in or opt out of the state's exemption. Staff said final numbers depend on current appraisals and that full valuation information should be available around May.
Staff also reported that over‑65 exemption forms remain outstanding and that the county is contacting eligible taxpayers. Commissioners asked for additional context on total property values; staff said last year the county's taxable value was about $18,000,000 but that final totals for the current year are not yet complete.
The matter will return to the commission when staff provides the formal estimate and the letter requesting a formal opt‑in/opt‑out decision.
