Theft offenses range from a misdemeanor to a serious felony. Theft of property under $500 is a misdemeanor offense. Theft of property valued at $500 to $1000 is a gross misdemeanor. $1,000-$5,000 is a 5-year felony offense. Theft of property more than $5,000 is a 10-year felony. Finally, theft of property over $35,000 is a 20-year felony.