Business Personal Property Taxes

 

Unlike real property, business personal property is reappraised annually. Business owners must file a business property statement each year detailing costs of all supplies, equipment, and fixtures at each location. This annual statement is required unless the property qualifies for direct assessment.

Remember, the property values listed on Form 571-L should match the depreciation schedules on the tax return. County assessors are required to audit at least once every four years the books and records of any trade or business whose business personal property and trade fixtures have a full value of $400,000 or more.