Is any personal property exempt?
"Tools of trade" of a plumber, carpenter, auto mechanic and other trade professionals are exempt from personal property tax (e.g. small tools that can fit in a toolbox).

Tools of other professions are, however, taxable. These include the equipment and machinery used in the conduct of business (e.g. dentist's drills, x-ray machines, typewriters, etc.) Computers are also subject to personal property tax unless a corporation uses them for administrative purposes.

Intangible personal property is specifically exempt from personal property tax. It includes stocks, bonds, cash, mortgages, and others evidence of ownership of property rights.

Show All Answers

1. To whom is the tax assessed?
2. Who is required to file a personal property report known as the form of list?
3. When should I file the form of list?
4. Where can I get the form of list?
5. What do the assessors do with the form of list?
6. What happens if I don't file a form of list?
7. Is the form of list a public document?
8. What is meant by type of ownership?
9. How does the type of ownership affect the form of list?
10. What method is used to value the personal property?
11. Is machinery taxable?
12. What is considered machinery for personal property purposes?
13. What is machinery "used in the conduct of business?"
14. What is manufacturing?
15. How does a corporation become classified as a manufacturer?
16. Is any personal property exempt?
17. Is there an abatement process for personal property?
18. I bought my business equipment at a yard sale. Isn't the taxable value the price I paid for it?
19. The stereo system at my shop is mine from home. Is it taxable personal property?
20. The power tools I use in my shop are owned by the building owner. Why am I being taxed for them?
21. The coffee machine in my store is leased. Should I be taxed?