What is taxable personal property? Any tangible, depreciable income producing property including machinery and equipment, furniture and fixtures.
Who must file a
What information do I need for a Personal Property Return? You need to provide the office with a copy of your Federal Depreciation Itemized deduction form. Information requested when filing a schedule includes: name, mailing address, physical address, description of property, year property is purchase, number of units purchased, years depreciated, and taxable value (purchase price).
When do I need to file my return? The schedule must be signed every year between January 1st and May 1st letting us know what was owned as of January 1st. If a schedule is not signed by May 1st a 10% penalty will be added to the tax bill. If a schedule is not signed by August 1st a schedule will be prepared by our office for you and a 25% penalty will be added to the tax bill.
If I pay sales tax do I still have to pay Personal Property Tax? Yes. There is a common misconception that you may choose to pay either the sales tax or personal property tax… this is not true.