Personal Property Tax

Personal Property Tax...

Any business that owns equipment (excluding licensed vehicles) whose purchase price totals more than the current minimum is subject to a personal property tax assessed and collected by the county in which your business is located.

Annually, you are required to complete a Personal Property Declaration Schedule mailed to you by the county and due April 15^th. The initial reporting must provide the county with a list of your equipment, the date purchased and the purchase price. During subsequent years, you report additional equipment purchased during that year, and equipment that you sold or removed from service. Based on the cost of the equipment, depreciation, and the current tax rate, the county will bill the company each year for the personal property tax.

Personal property tax is paid similarly to real estate taxes: the tax may be paid in two payments, one half due February 28^th and the second half due June 15^th, or one payment of the total tax, due April 30^th.

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