Situs in regard to personal property is property "…physically present in the state on the date when it is required to be valued for property taxation purposes…" That date is, in almost all cases, January 1 of the tax year. If personal property, including livestock and...
State Assessed Property Tax
The deadline for reporting is on or before the last day of February of the tax year unless an extension is requested and approved by the division director. If the last day falls on a weekend, the deadline is on the next regularly-scheduled workday.
The extension is granted for an additional 30 days.
CAB forms and other industry-specific forms can be reproduced or computer-generated as long as they follow the same format as the original forms. You can also download these forms online.
Intangible assets are not taxable.
No. The Property Tax Code generally exempts personal property unless it is used for the person's profession, business or occupation.
I own a small business which is furnished with my own personal items acquired mostly before the business was started. Must I report them to the county assessor and pay property taxes on them?
If you are not taking a deduction for depreciation on your federal income tax on these items, you do not need to report or pay property tax on them even though you use them for your profession, business or occupation.
My business bought computers and other pieces of office equipment on January 2 of this year. Are they subject to tax this year?
No. January 1 of the tax year is the "taxable situs" date. The assets should be reported the following year. “Situs” means the property is "…physically present in the state on the date when it is required to be valued for property taxation purposes…"
My business reported all assets to the county assessor at the depreciated net book value at year end. These were ignored and a different schedule was used, increasing the values. Is this legal?
The assessor is mandated to use class life and established depreciation schedules. The net book value you calculated is for federal income tax. The assessor is not allowed to use your net book value, but the assessor should use your acquisition cost and date of...
Over the years my business has bought computer software. Some counties are telling me that software is exempt, while others tell me it is taxable. What are the criteria to determine taxability?
Computer software has been complex since it was first introduced. Computer software is a class of personal property. It is comprised of several different subclasses of personal property that can be divided by use, development, distribution, and relationship to...