"A business is a commercial activity operated as a means of livelihood or profit, or an entity which engages in such actions."
Businesses are responsible for annually completing and submitting a business personal property listing form to the tax office.
The listing period is January 1st through January 31st. Late listing penalties are charged for any listing that is not submitted by the January 31st deadline each year.
Listing Business Personal Property
Business personal property includes but is not limited to machinery, computer/office equipment, furniture equipment, and farm equipment. The listing must be submitted during the month of January to avoid a 10% late list penalty. However, statutorily an exemption can be granted until April 15th, if the request is made in writing and is postmarked or submitted by January 31st. If you have any questions concerning business personal property, please contact us.
Generally, business personal property should be listed at 100% of the original cost to the owner. The property is then valued using the North Carolina Department of Revenue Cost Index and Depreciation Schedules as a guide to calculate the replacement cost, new and depreciation amounts. Other appraisal methods are used when appropriate.