BUSINESS PERSONAL PROPERTY
All persons, corporations, partnerships, etc. owning business personal property, aircraft, commercial mobile or portable units are subject to ad valorem tax.
The property must be listed and assessed in the Revenue Commissioner's Office after October I, but no later than December 31 each year. The list must include a description of the property along with its acquisition date and acquisition cost. Failure to make an assessment by the 3rd Monday in January will result in a 10% penalty and fees being added to the tax bill. All business personal property is appraised by the County Revenue Commissioner for taxes, based on the cost new and allowance for depreciation due to age.
A copy of the depreciation schedule utilized in preparing the taxpayer’s Alabama or federal income tax return listing the property owned by the taxpayer at the close of the fiscal year next preceding October 1 of the year for which the assessment is to be made may be accepted as a listing of the taxpayer’s business personal property. The depreciation schedule must include each property’s acquisition date and cost as well as all property whose depreciated value is zero, but which is still owned by the taxpayer on October 1 of the year for which the assessment is made. The depreciation schedule must be adjusted for additions and deletions so that it will contain property owned by the business on the October 1 lien date.
Property grouped on the depreciation schedule in categories, such as furniture and fixtures, office equipment, machinery and equipment, etc., must be itemized so as to conform with the requirements noted above.
To download and print a Business Personal Property Return Form, click HERE.