Any individual or business owning or possessing personal property used or connected with a business (or other income producing purpose) must file a business personal property tax listing. Personal property is property that is not real property (buildings and land) and is not permanently affixed to real property. The personal property tax listing is filed with the tax department for the county in which the business is located. If a business has multiple locations, a listing must be filed for each location separately, even within the same county.
In North Carolina, the listing must be filed by January 31 each year to report all personal property in possession on January 1. An extension of the North Carolina filing deadline can be requested. The extended due date is April 15. States other than North Carolina may have different filing deadlines. If you have business personal property located in states other than North Carolina, it will be important to know the property tax filing requirements in those states to avoid a penalty for filing late. The penalty for filing a property tax listing late in North Carolina is 10% of the tax assessed on the listed property.
To ensure you file a complete and accurate property listing click here for some tips for preparing your business personal property tax listing.
Business property tax listings are subject to examination by county tax authorities. By following the tips provided in the link above, you minimize the risk of an assessment of additional property tax upon such an examination. These tips also help you avoid reporting items not subject to personal property tax and thereby prevent an overpayment of tax.
If you have any questions or need any assistance with preparing your business personal property tax listing, contact the professionals at Gilliam Bell Moser LLP