Frischman Appraisals

The approval of this proposal authorizes the continuation of the "small business" exemption, which actually began for the 2014 tax year. This exemption applies to business that have equipment with a true cash value of $80,000 or less. The proposal also provides for a phase out of the personal property taxes on "eligible manufacturing personal property".

This phase out will take begin for the 2016 tax year and will exempt all "eligible manufacturing personal property" by 2023. The proposal also authorizes several measures o replace the revenue that will be lost due to the new exemptions and authorizes the creation of a Local Community Stabilization Authority to levy the local share of the use tax and distribute that revenue to municipalities.