Real Property ^ HOW IS PERSONAL PROPERTY APPRAISED?
Most personal property assessments are based on information provided by the taxpayer on personal property affidavit forms furnished by the Assessor. The affidavits are mailed to established accounts by January 1 each year, and must be returned to the Assessor by April 30. Affidavits for new business reporting for the first time may be mailed after January 1. Extensions of filing date are not granted . A tax penalty of 5% per month will be applied to affidavits received after April 30. The Assessor may waive the penalty if the late filing is due to reasonable cause. A penalty of 25% of the tax due in the following year will be applied for failure to file an affidavit. The Assessor uses information provided by the taxpayer to determine value, taking into consideration the age, cost, and type of property. When the affidavit is processed and the property valued and entered on the assessment roll, a Personal Property Assessment Notice is mailed to the taxpayer.
Related Questions
- I won the bid on a HUD home, but bid more than the appraised value to ensure that they would be awarded the property. Can I still buy the home for $100 down?
- Why has Zillow undervalued this property on this listing, it has been appraised before rehab higher?
- How is property appraised for property tax purposes?
