Is leased equipment taxable?
Yes. The tax liability is determined by the lease agreement between the lessee and lessor. If the lessor is required to file and pay the tax, the lessee should list the leased equipment on the back of the business personal property filing form. If the lessee is required to file and pay the tax, the equipment should be included on the lessees’ business personal property filing return. The lessee should make notation on the detailed asset list that the asset is a leased item.

Show All Answers

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?