What is Personal Property?
Personal property is a type of property. In the common law systems personal property may also be called chattels. It is distinguished from real property, or real estate. In the civil law systems personal property is often called movable property or movables – any property that can be moved from one location to another. This term is in distinction with immovable property or immovables, such as land and buildings. Personal property may be classified in a variety of ways, such as money, negotiable instruments, securities, goods, and intangible assets including chose in action. Accountants also distinguish personal property from real property because personal property can be depreciated faster than improvements (while land is not depreciable at all). It is an owner’s right to get tax benefits for chattel, and there are businesses that specialize in appraising personal property, or chattel. The distinction between these types of property is significant for a variety of reasons. Usually one’
The Assessing Department must assess the personal property in possession of businesses as of December 31 of the immediately preceding year, which is considered tax day. Personal property is all (but not limited to) furniture, fixtures, machinery, signs, equipment, computers, tools, dies, jigs, leased equipment, leasehold improvements and buildings on leased land. The confidential Personal Property Statement (L-4175), filed by the business owners, is used by the Assessing Department to make a personal property assessment. The statements are mailed the first week in January to businesses operating in the Township. Personal property statements must be completed and delivered to the Assessing office on or before February 20 of each year, even if there is no assessable property to report. For other Assessing Department information not found here, please visit the Assessing Department section of the website. Or, send your questions to Carol Pyykkonen.
Taxable personal property consists of items used commercially, such as furniture, fixtures, art, farm equipment, signs, unregistered aircraft and unregistered watercraft. It also includes items used commercially for convenience, decoration, service, or storage. Please contact the Assessors Office with specific questions. • WHAT PERSONAL PROPERTY IS ASSESSED? All personal property in Idaho, unless expressly exempt, is subject to assessment and taxation. Forms for your use in listing of personal property are available from the Assessors Office. • WHAT IF SOMEONE DOES NOT REPORT PERSONAL PROPERTY? The county assessor is required to assess property that is not declared. The assessment is estimated based upon the best information available. • AT WHAT VALUE IS PERSONAL PROPERTY ASSESSED? Personal property is assessed at retail market value. This value includes shipping and installation costs. Several methods are used to arrive at the value. Depreciation tables, sales information, cost guides
All business owners, including home occupations, must annually fill out Personal Property Tax forms, which are available from the Assessor’s Office. This does not include manufacturing uses, which the State Department of Revenue assesses. For questions or assistance in filling out the form, contact the Assessor’s Office at (608)755-3046. Each January the Assessor’s Office mails personal property forms to all known businesses. Forms must be completed by the property owner and returned to the Assessor’s Office by March 1st. This activity is followed by the sending of assessment notices and the holding of informal and formal discussions with property owners on proposed assessments.
