How is business personal property assessed?
Assessed values are based on a percentage of the original cost for the year of acquisition of the asset. The Commissioner of Revenue determines the assessed value of your property by a set percentage (based on purchase year) of the original cost of each item. The return section entitled “Business Furniture, Office Equipment and Tools” lists these percentages. (Note: Original cost is the actual cost of the business tangible personal property before any allowance for depreciation. If the property was depreciated under IRS Code Section 179, its original cost is the amount that you expensed for federal tax purposes.

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1. What is business personal property tax?
2. How is business personal property assessed?
3. Who is required to file the business personal property tax return?
4. What is a detailed fixed asset list?
5. What should be included on the asset list?
6. What items are exempt from the business personal property tax?
7. Is there a minimum dollar amount that does not have to be reported?
8. Is leased equipment taxable?
9. When are the annual business personal property tax returns mailed to businesses?
10. When are the annual business personal property tax returns due?
11. What should I do if my business has an address change, moves, or closes?
12. How does my responsibility change if I am a merchant?