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Business Personal Property Tax Listings-Don’t pay taxes on assets you don’t have!

Business personal property tax listings are due at the end of January.  County tax offices use these listings to determine taxable value and to assess property taxes.  Even though your business may have fully depreciated an asset, the county tax office still assigns a value to assets which may be up to 20% of the original cost.  The county property tax assessors do not remove assets from their listing rolls unless you notify them that the asset is no longer in use.

Bottom line, if you have all assets on your depreciation schedules that you no longer own, you are paying more in property taxes than you should.  Now is the time to review your depreciation schedules and remove those assets from your books and from your 2015 business personal property tax listings.

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