What is considered ‘tangible personal property’ under the law?
Just about any tangible property not considered to be real estate falls under the definition. If you have any questions about whether an asset fits the description of tangible personal property, please contact this office.
What if I’m a very small business and don’t have an accounting staff?
All businesses are required to use the Schedule B form, both permitted and those not needing a permit. On the Schedule B, there is an option to check Small Accounts Certifications. By checking this option, you certify that the total depreciated value of your property (all groups) is $2,000 or less, or between $2,000 and $10,000.
What happens if I don’t file the schedule by March 1?
The law requires the Assessor of Property’s Office to place a value on your tangible personal property, which may be higher than you would have reported. If this occurs, your only appeal route is through the Metro Board of Equalization. You may also be assessed a penalty for failing to report.
Will I be audited?
Every business owner is subject to selection for audit. A member of the Assessor of Property’s staff reviews each completed form, and where necessary, works with the business owner to obtain an accurate reporting. Audit methods vary, generally based on the size and type of business involved. An inspection of the business premises may be required, or a detailed examination of records of purchases may be needed. You can help by doing the most thorough job possible when completing the Schedule B form.
How will I know if my assessment is changed?
We will send you an Assessment Notice in May indicating any changes in your assessment. If you disagree with the changes, you should contact our office to request an appeal. As in the case of real property assessments, you should prepare to provide any documentation you have to support your case. If you still don’t agree with the Assessor of Property’s action, you may file an appeal to the independent Metropolitan Board of Equalization, which begins its meetings in June.