Personal Property

Each year Personal Property is reassessed as of lien date, January 1st. Personal Property is all property except real estate and can include business equipment, vessels, aircraft, vehicles and manufactured homes.

What is Business Personal Property?

In general, Business Personal Property is all property owned or leased by a business except Real Property and Inventory items.

Business Personal Property includes, but is not limited to:

• Machinery
• Computers
• Equipment (e.g. FAX machines, photocopiers
• Telephones
• Furniture (e.g. desks, chairs, bookcases
• Supplies

Tangible property owned, claimed, possessed or controlled in the conduct of a profession, trade or business may be subject to property taxes. Business Personal Property is valued annually as of January 1.

Business Property Statement (571-L Form)

• Businesses are required by law to file a Business Property Statement if the aggregate cost of business personal property is $100,000 or more or if the Assessor requests the information
• Separate filings are required for each business location
• Statements are due April 1
• A 10% penalty will be applied if a statement is received after May 7
• Business Property Statements are private documents and are held confidential by the Assessor

Leased Equipment

Both the Lessor and the Lessee should report equipment that is on lease on January 1 to the Assessor. Not all leased equipment is assessed in the same manner. Several factors determine how leased equipment is assessed, including:

• Assessability
• Assessee
• Leases with exempt entities
• Type of Lease

Marine/Aircraft

• Assessed where situated
• Movable

Frequently Asked Questions