Personal property is defined as tangible, depreciable income producing property including machinery and equipment, furniture and fixtures.
Information on a schedule includes: Name, Mailing Address, Physical Address, Description of Property, Year Property is Purchased, Number of Units Purchased, Years Depreciated, and Taxable Value. Years depreciated depends on the type of equipment.
The schedule must be signed and filed every year between January 1st and on or before May 1st letting us know what was owned as of January 1st. If a schedule is not signed and filed on or before May 1st a 10% penalty will be added to the tax bill. If a schedule is not signed and filed on or before July 31st, on August 1st a schedule will be prepared by our office for you and a 25% penalty will be added to the tax bill.
Yes. There is a common misconception that you may choose to pay either the sales tax or property tax…this is not true.
For more information see the Department of Revenue Property Assessment Division website.