Personal property refers to assets used in conducting a business. The chief characteristic distinguishing personal property from real property is mobility, meaning it can be moved from one place to another. Taxable personal property includes, but is not limited to:
- machinery and equipment
- supplies and materials that are not held for sale or not components of a product
- tools used in a business
- leased equipment, leasehold and tenant improvements, lessee-owned improvements on public land
- commercial vessels not subject to excise tax
- machinery and equipment used in agriculture, manufacturing, construction and logging
Most personal property assessments are based on the cost approach, using information provided by the taxpayer on personal property listing forms furnished by the Assessor. The Assessor uses this information to determine value, taking into consideration the age, cost and type of property. For more information on personal property tax, check out the Department of Revenue’s Personal Property Tax fact sheet.
The assessment is done by the County in which the business is physically located. The location of the business owner's residence is not relevant unless that is also the location of the business. If you have questions about the valuation of your personal property contact our office at (509) 667-6365. If you have questions about your tax bill, contact the Treasurer’s Office at (509) 667-6405.