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Business Personal Property Tax 101

There is a lot to manage when you own a small business. On top of everything else, you have to make sure you file all the necessary tax forms on time. Reach us today and manage your business personal property tax today... www.poconnor.com

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Business Personal Property Tax 101

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  1. www.poconnor.com Business Personal Property Tax 101

  2. What Is Business PersonalProperty? Business personal property includes tangible and intangible personal property. Real estate, minerals and tangible personal property are taxed in most states. However, no state currently applies a property tax to the intangible component of personal property. Some states solely tax intangible personal property such as bonds. www.poconnor.com

  3. Types of personal property 1) Tangible personal property (plastic, metal and silicone) 2) Intangible personal property ( trademarks, software, data, proprietary manufacturing processes, etc) www.poconnor.com

  4. Tangible Personal Property Tangible personal property can be seen, moved, touched and felt. It does not include real estate, or minerals. In general, it refers to physical objects that have value because of their utility. It does not include cash, stocks, bonds, contracts, patents, trade secrets, software, business enterprise value, going concern value, business processes and proprietary training programs. www.poconnor.com

  5. Examples of Tangible Personal Property Tangible business personal property can include household goods, automobiles, snowmobiles, luxury tems such as art and jewelry, other types of collectibles, office furniture and equipment, machinery and equipment, inventory, supplies, work in progress (of physical product and not services) and equipment for operating restaurant and services businesses. This is not necessarily a comprehensive list. The three key words to define tangible personal property is that it can be moved, felt and touched. www.poconnor.com

  6. Personal property appraisal is similar conceptually to valuing real estate. The largest differences are data sources and not the underlying theory of valuation. There are credible ways to develop opinions of value. www.poconnor.com

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