What is business personal property?
Business personal property includes all supplies, equipment and any leasehold improvements used in the operation of a business (see Page _ of the 571L instructions for an explanation what constitutes leasehold improvements). Business inventory and licensed vehicles (except Special Equipment (SE) tagged and other off-road vehicles and equipment) are taxable personal property and must be reported.
All movable tangible property — all furniture, fixtures, tools, signs, and all equipment (excluding vehicles) owned by a business and used for business purposes on January 1 of each year is subject to the tax. This information must be provided to the County for assessment purposes by March 1 of each year based on the tax schedule. The base tax rate applicable to this class of property is currently $3.50 per $100 of assessed value. Various depreciation schedules are applied to arrive at the fair market value of the assets being reported (depending upon the classification of the item). For additional information call (804) 501-4310.
