Which of the following is required for personal property to be exempt under the Small Business Taxpayer Exemption?

The correct answer is that the combined true cash value must be less than $80,000 for personal property to qualify for the Small Business Taxpayer Exemption. This exemption is designed to alleviate the tax burden on small businesses by providing them relief from personal property taxes if their total personal property does not exceed this threshold.

This provision recognizes that small businesses often operate with limited resources and can benefit significantly from tax exemptions on their personal property, making it easier for them to remain viable and competitive. Therefore, the emphasis on a specific valuation cap directly supports the objective of the exemption.

As for the other options, they do not meet the conditions set forth in the Small Business Taxpayer Exemption guidelines, which specifically focus on the valuation of the property held by the business rather than the leasing status, location, or exceeding certain valuation thresholds.