What is business personal property?
Business Personal Property is any tangible property owned, claimed, used, possessed, managed or controlled in the conduct of a trade or business. This includes all machinery, fixtures, office furniture and equipment. In general, business personal property is all property owned or leased by a business except licensed vehicles, business inventory, intangible assets or application software.
Business Personal Property includes all supplies, equipment and any fixtures used in the operation of a business (see Page 3 of the 571-L instructions for an explanation of what specifically constitutes a business fixture). Business inventory and licensed vehicles (except Special Equipment, ‘SE’ tagged, off-road vehicles) owned by the business are exempt from reporting (note: SE tagged and other off-road vehicles and equipment are taxable personal property and must be reported).
Business Personal Property includes all supplies, equipment and any fixtures used in the operation of a business. Exempt from reporting are business inventory, application software and licensed vehicles (except “SE” tagged and off-road vehicles). SE tagged and off-road vehicles and equipment are taxable personal property and must be reported).
