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The penalty for a third degree felony is a maximum of 5 years in jail and a $5,000 fine. If the property stolen is valued between $100 and $299, then the defendant will be charged with a 1st Degree Misdemeanor, which carries a maximum penalty of 1 year in jail and a $1000 fine.
In order to be a felony theft, the value of the property must exceed a minimum amount established by state law, typically between $500 and $1,000. For example, if a state has a $600 felony theft limit, a person who steals a bicycle worth $400 has committed a misdemeanor.