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Business Personal Property

business personal propertyIf you own a business, you are required by law to report personal property that is used in that business to your county appraisal district. There are substantial penalties for failure to report or for falsification and tax evasion.

Business personal property is composed of Fixed assets and Inventory. Business personal property includes, but is not limited to, furniture, fixtures, equipment, tools, machinery, computers, copiers, motor vehicles, aircraft, watercraft, raw materials, goods in process, finished goods and/or those awaiting sale or distribution, and inventory held for sale on consignment. Please note: If you use your own personal tools, machinery, equipment, vehicles or any other item, gadget or thing to produce a product or provide a service and receive income, those items are included in the appraisal assessment.

The tax liability on business personal property is determined as of January 1 of each tax year. Therefore, the property is taxed according to its location and ownership as of January 1.