Personal Property Assessments

Personal Property is assessed for the purpose of establishing the value as one factor in determing the amount of tax to be charged.  Personal property are items not considered real estate.  Examples are:

• For Farmers
  • Storage bins
  • Equipment (such as listed on the Federal Return Depreciation Schedule)
• For other types of businesses:
  • office equipment
  • manufacturing machines
  • leased equipment if not reported by the lessor

Forms used are based on the type and complexity of the business.

• Every business should file:
  • Form #104 - Personal Property Return
• Farmers should also file:
  • Form #102 - Farmer's Tangible Personal Property Return (which allows for pooling equipment schedules)
• Small, non-farm businesses also file:
  • Form 103 Short - Business Tangible Personal Property Return (which contains 12 lines of depreciable personal property)
• Commercial and Industrial businesses also file
  • Form 103 Long - Business Tangible Personal Property Return (allows for pooling equipment schedules

Personal Property returns should be filed with the County Assessor between March 1 and May 15 each year to establish tax liability for the following year.