June 2003
One of the most difficult things about the assessment of personal property is discovering the property. All businesses and farmers are required to list the type, cost, and year of acquisition of their taxable personal property each year by April 30th. One obstacle in this process is that the owners and users of personal property are not always aware of their obligations to list taxable personal property. Likewise, assessing officers are required to classify what is real property versus personal property as well as determine what is taxable and what is exempt. The Department provides some assistance to assessors to aid in the discovery and classification process.
County listings of active businesses and new/closed businesses are provided each year by the Department of Revenue. Using these tools, county assessors send listing forms and affidavits to these new businesses and ask them to list their taxable personal property. The success of the assessor getting a listing returned to them is often dependent on how clear their forms and letters explain what is required of the owner/user of personal property.
If you find a need to change your personal property listing forms and affidavits, remember to have them approved by the Department of Revenue before using them. County assessors can send their draft personal property listing forms to Neal Cook for review and approval.