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Business Personal Property Taxation

derick james
All property that is not characterized or taxed as “real estate” or “real property” is considered to be a PERSONAL PROPERTY.
Business personal property includes everything from pens and other small items to computers and manufacturing equipment. It is available whether it is claimed, rented, leased, lent, or in any case made available to the business.
Everyone who owns equipment used in a business must complete a personal property listing by April 30 each year. The listing must include a description of the equipment, its cost, and the acquisition year.
The completion of a listing is required of all individuals, partnerships, corporations and associations who on January 1 own, control or possess..
The business personal property listing must be filed on or before January 31. The owner can submit the list online or by mail.
Listing submitted via mail will be considered to be documented as of the date appeared on the stamp attached by the U.S. Postal Service. If the date does not appear on the stamp or if the stamp is not attached by the U.S. Postal Service, the posting will be considered to be documented.
There are 2 types of Business Personal Property. Tangible Personal Property, and Intangible Personal Property.
Intangible personal property means all property owned or possessed by the contributor and used in the connection with the ownership, leasing, occupancy or maintenance of the property. Intangible personal property has no intrinsic value but it is an evidence of value.
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