Being a farm account does not automatically exempt you from all personal property tax. The Farm Machinery and Equipment that is available through the Department of Revenue will exempt qualifying equipment from state taxation. This means the exemption will remove any state levy rate from your tax bill, lowering the overall amount of tax you pay. Since this does not exempt you from local taxation, you are still required to file a listing with our office annually.
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It is a personal property listing generated bythe Department of Revenue regarding a business license you applied for in theprevious tax year. Personal property is a recorded list of all the assets youuse to run your business. Examples of the personal property that would belisted include; printers, computers, tractors, tools, furniture, constructionequipment, and supplies. Business owners are required to report their personalproperty and pay tax on the value of the equipment.
First time Filer? The filing deadline for this form is July 31st, 2019, not April 30th, 2019 as indicated on the form.
Simply put, a personal property asset is anything that a business uses to operate. The biggest distinction between personal property and real property is that personal property is moveable. ALL equipment used to run the business needs to be reported. Including a monthly estimation of supplies kept on hand such as pens, pencils, paper, staples and so forth. Keep in mind that supplies have different meaning in each industry. (record monthly estimate in top right-hand corner)
If you have further question on what is considered personal property please contact our office.
Personal property is not double taxation. It is a different form of property tax used to pay the same levies as real property for schools, roadways, and so forth. You can read more about this in the Personal Property Informational Pamphlet provided by the Department of Revenue.
We understand equipment depreciates over time, this is why we ask for a description, a year of purchase, and the original cost of the equipment (w/o the sales tax). These three components are used to determine the true fair market value of the equipment. Older assets that have depreciated over time will eventually reach a plateau in valuation. They will stay at this plateau until they are sold or destroyed. Items typically do not reach a 0 value. Personal Property Valuation Guidelines are provided to our office yearly by the Department of Revenue.
Yes, there is a way you can e-file your personal property listing. Unfortunately, it is not available for first time filers. Once you have an account and begin receiving your January personal property notice, the mailing itself will have an authorization code, boldly lettered, located in the top left-hand corner of the page. Also included is a small handout on how to use that authorization code to access your personal property bill through The Master’s Touch eNoticeOnline.
Yes, even if your listing has notchanged at all from the previous year you still need to file a listing with ouroffice by April 30th each year. If a listing is late, it will be penalized 5% each month it is late up to 25% on your tax bill.
Failure to file a listing entirely will result in an “Assumed Increase in Value” line. As well as the 25% penalty.