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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
- To whom is the tax assessed?
- Who is required to file a personal property report known as the form of list?
- When should I file the form of list?
- Where can I get the form of list?
- What do the assessors do with the form of list?
- What happens if I don't file a form of list?
- Is the form of list a public document?
- What is meant by type of ownership?
- How does the type of ownership affect the form of list?
- What method is used to value the personal property?
- Is machinery taxable?
- What is considered machinery for personal property purposes?
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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 |