Business personal property can be defined as all tangible personal property employed in a trade or a business. Businesses are assessed on, but not limited to, office furniture, fixtures, equipment, machinery and tools, merchant’s capital and computer equipment.
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Furniture and fixtures: The 2023 tax rate for Furniture and Fixtures is $2.05 per $100 of assessed value. this reflects no effective change from last year’s rate. The assessment value is based on taking 50% of the original cost.
Merchant’s Capital: The 2023 tax rate for Merchant’s Capital is $.86 per $100 of assessed value. This value is based on 100% of inventory as of January 1st
Machinery and Tools: The 2023 tax rate Machinery and Tools is $2.05 per $100 of assessed value. The assessment is calculated using 55% of original cost.
Filling Due date: Business Personal Property returns must be filed annually by May 1st