Personal Property

Personal property, also known as business personal property is generally those items not permanently affixed to real estate. It includes any following that are used in a business or for a commercial purpose, other than real estate:
  • Equipment
  • Fixtures
  • Furniture
  • Inventory or supplies
  • Machinery
  • Most licensed vehicles
  • Signs
  • Tools
Personal property is movable and can be removed without serious damage to the real estate or to the item being removed.

Summary of Taxable Personal Property by Type of Ownership

Type of Personal Property
Individuals, Partnerships, Trusts, Associations
Corporations Manufacturing Corporation
Inventory, stock in trade
Yes No No
Furniture and fixtures
Yes No No
Tools and equipment
Yes No No
Machinery Yes Yes No
Poles, underground conduits, wires and pipes
Yes Yes Yes
Unregistered motor vehicles and trailers
Yes Yes Yes