Business personal property includes equipment, furniture, and other assets used to generate income, such as cash registers, display cases, restaurant appliances, and office equipment.
Filing Requirements:
If the total actual value of taxable personal property exceeds $56,000 per owner, per county as of January 1, you must submit a Personal Property Declaration Schedule by April 15 each year. Non-receipt of the form does not exempt you from filing.
Key Points:
- Taxable items include expensed and fully depreciated assets still in use, leasehold improvements, and income-generating household furnishings.
- Motor vehicles with SMM plates or Z-Tabs are not included.
- Extensions are available for a $20 fee (10 days) or $40 fee (20 days) if requested before April 15.
- Late filings incur a penalty of $50 or 15% of the taxes due (whichever is less), with potential additional penalties for failure to file.
For questions or to request a declaration schedule, contact Jessie Hartman, Appraisal Associate at 303-582-5451.