Valuation of Personal Property
Business assets such as: computers, telephones, copiers, trade fixtures, furniture, equipment, machinery, tools, and other like personal property owned and/or used in connection with your business as of January 1, is subject to taxation.
All businesses are required to declare their taxable property to the assessor annually by way of a self-assessing statement due May 15 of each year. Failure to receive an affidavit does not excuse a person from filing or from the penalties on late returns. New businesses should register with the assessor when taking out a business license to avoid assessment of escaped property taxes.
How Property Tax Is Used
The personal property tax is collected and apportioned to the county, cities, school districts, and other taxing entities to pay for local governmental services.
Common Problems Submitting Affidavits
- Business owners forget to sign the Signed Statement of Personal Property.
- When asking for the exemption, the owner needs to sign on both signature lines. An unsigned affidavit must be returned to the business owner for signature. The account is treated as one where the affidavit has not been returned and is subject to the same penalties and interest.
Avoid the situation above by remembering to sign the affidavit.