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BUSINESS/INDIVIDUAL PERSONAL PROPERTY TAXATION

According to the North Carolina General Statutes, all property that is not defined as “real estate” or real property” is considered to be “personal property.”

Business personal property is taxable whether it is owned, leased, rented, loaned, or otherwise made available to the business. 

The completion of a listing is required of all individuals, partnerships, corporation and associations who on January 1 own, control or possess any amount of leasehold improvements or personal property (tangible) used or held for a business purpose.

All tangible personal property must be listed as of January 1.  Tangible personal property includes, but is not limited to, machinery, equipment, furniture, fixtures, drawings, signs, purchased software which is treated as a capital asset, referend libraries, etc.  All items must be listed at 100% cost including installation, sales tax, freight and any associated costs.

List all supplies and materials which include spare parts held for equipment maintenance and repair even though they may be carried in an inventory account.  Hotels and hospitals should list the supplies that are provided in their room charge.

Farmers, carpenters, and mechanics who own tools and equipment used in trade or business should list.

Apartment complexes should list furnishing (furniture, blind, drapes, etc.) and/or major appliances (ranges, refrigerators, dishwashers, etc.)  Rented furnishings (landlord only) owners of furnished rental units (house, apartment, condo, mobile home, etc.) should list.

 

If you are unsure if you need to list or what to list please contact our office by January 31, 2020.

Bladen County Tax Department

201 E. King St.

Elizabethtown, NC 28337

910.862.6730.

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