Business Personal Property
Tangible Personal Property Schedule
The tangible personal property schedules are mailed by February 1 by the county assessor to each business operating in the county. The schedules are to be completed and returned by the business owner or the business owner’s representative on or before March 1 to the county assessor. If the business owner does not receive a schedule they should call the local assessor’s office for a schedule. All businesses that do not return a schedule will be Force Assessed by the county Assessor’s Office.
Part I – General Data
This section of the Tangible Personal Property Schedule contains information such as actual property address of the business, type of business, phone number, owner of real estate, business owner, contact person, state sales tax number, IRS identification number, and business license number. If the schedule you receive has this information preprinted and the information is incorrect, please make changes so that the Assessor’s Office can have correct information regarding your business.
Part II – Owned Personal Property
There are 10 groups of Tangible Personal Property:
Part III - Leased Tangible Personal Property
The Leased Tangible Personal Property Section is to be completed by reporting all items leased or rented by the business for the conduct of your business as of January 1 regardless of any contract between the lessor and lessee as to who shall pay the taxes. Leased personal property is to be assessed to the lessee. Required information includes item description including make and model number, year made or year of acquisition, original cost new or retail price if cost new is not known, term of the lease or the year the lease began, monthly rent, and name and address of the lessor.
Part IV – Owned Items with Nonstandard Value
Report any property on which you wish to report a value different from standard depreciated cost where such value more closely approximates fair market value. You will be required to submit supportive information to substantiate this nonstandard value request. This information is required before the Assessor’s Office can consider accepting the nonstandard valuation.
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