Personal property of businesses (computers, office furniture, equipment, tools, machinery, non-registered motor vehicles, etc.) whether owned or leased is taxed on an annual basis. Assessments are based on 70% of depreciated value.
All owners of business personal property must file a personal property declaration with the Assessor no later than November 1st annually. If the declaration is not filed, the Assessor is required by State Statute to complete a declaration for the owner with an estimated assessment, and add a 25% penalty. A 25% penalty is also assessed if the declaration is late.
The information required on the declaration includes the date of acquisition and cost (including installation) of the property.
Personal property assessment may be appealed to the Board of Assessment Appeals in March. Applications must be made by February 20th. If no declaration was filed or if it was filed late, the assessment may still be appealed, but the 25% penalty must still be applied.