Failure to File Property Declaration Schedule
Any owner of Business Personal Property who fails to file a Declaration Schedule by April 15 (see note regarding being deemed timely), or by the end of the extension time requested, will be fined $50 or 15% of the taxes due, whichever is the lesser amount.
In addition, if a Declaration Schedule is not received, the Assessor shall estimate a value for the property value according to the Best Information Available. Failure to make a complete disclosure of personal property will result in an additional penalty of 25% of the undisclosed property.
Business Personal Property declarations will be deemed "timely" if received and/or postmarked by April 15th.
All Business Personal Property Declaration Schedules and enclosed forms returned to the Assessor are considered private, confidential documents by law.
Types of Business Personal Property
All Business Personal Property used in a business, organization or rental property at any time during the year must be reported to the Assessor for Business Personal Property assessment. The following is a partial list of typical items which must be reported:
- Machinery, equipment, and other articles related to the business or a commercial or industrial operation, rather than components of fixture systems that are required for the proper operation of the improvements
- Computer equipment (Computer software is exempt from personal property tax)
- Leasehold improvements: certain leasehold improvements are considered personal property. (Property owners report leasehold improvements on the Declaration Schedule and the Assessor must decide whether these improvements are personal property, as opposed to real property improvements)
- Signs: any type of signage representing a business, organization, or property
Declaration Schedules must list Business Personal Property in detail. This includes reporting the deletion of previously reported items that are no longer in use.