Personal Property

Personal Property includes all tangible property used in a trade or business, for production of income, or is subject to depreciation schedules for federal income tax purposes.  

Personal Property is self assessed.  The assessment date is January 1st, and the filing date is no later than May 15th of each year.  An amended return is allowed within twelve (12) months from the original filing date, only if the original filing was timely. 

All businesses must file at least a Form 103 every year.  If the personal property has an acquisition cost under $80,000 then the taxpayer may claim exemption on the form, but they still must file.  

FORMS:

Form 103 Short

Form 103 Long

Form 104