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County told state's $100,000 business personal property exemption could cost Covington County about $37,580 annually
Summary
Tax official reported the state increased the business personal property exemption threshold to $100,000; if Covington County opts in, staff estimated an annual revenue loss of about $37,580; commissioners were told a formal opt‑in/opt‑out letter will be sent for the board's consideration.
A county official told the Covington County Commission Jan. 27 that the state has set a $100,000 threshold for business personal property exemptions and that the county will receive formal notification to decide whether to opt in or opt out.
The official reported roughly $1,666,779 in unpaid property taxes currently and said that, based on a quick calculation taking the new state threshold into account, choosing to opt in to the exemption could reduce county revenue by about $37,580 for a year. The official said more precise countywide revenue numbers depend on current appraisals and valuation work, and that staff would know more around May once appraisals are complete. He referenced last year's total property tax revenue as about $18 million.
Commissioners asked follow‑up questions about total anticipated property tax revenue for the year and were told a final figure is not ready until appraisals and valuation updates are complete. The official said staff will send a letter to the commission asking for a formal decision to opt in or opt out of the state exemption.
The transcript does not record a formal vote on whether to opt in or out; it records that a letter will be sent to the commission for consideration. The commission did not adopt a policy at the Jan. 27 meeting and required further review and a later decision.
Next steps identified in the meeting record: staff will complete appraisals and valuation work (forecasted by May) and will send the formal letter advising commissioners when a formal decision is needed.
