Business Personal Property FAQ
Q: How is my Business Personal Property assessed?
A: The taxpayer provides the original purchase price of each item as well as the year in which the items were purchased. Using this information, Tax Office staff applies depreciation schedules which are made available by the NC Department of Revenue to each item.
Q: What do I do if my business has closed?
A: If your business has closed or you sold it, you may fax or mail a letter identifying the business and providing the date that it was closed or sold. If the business was sold, we will also need contact information for the buyer. There is also a place to make note of this on the listing form, which is sent out each January.
Q: How may I file for an extension for listing?
A: If you would like to request an extension for listing, you must request the extension in writing by January 31st for that year. We will require a cause for the extension request as well as identifying information for the business in the letter of request. You will receive prompt notification if the extension is approved, and the extended due date for listing will be April 15th.
Q: How should I fill out the supplies section of the listing form?
A: In this section, list the cost of the supplies that you have on hand as of January 1st. You may also total your supplies for the year, divide the total by 12, and put that figure in the appropriate area of the supplies section.
Q: I do not have any changes from last year. Do I still need to list?
A: Yes, it is required that we receive a return each year along with the original cost of all assets.
Q: Do I have to list used assets that were recently purchased?
A: You must still list used assets. List it in the year during which you acquired it for the cost that you paid, but make a notation on the form that the assets were purchased used.
Q: What is CIP?
A: CIP is Construction in Progress.
Q: I got a discovery notice in the mail. What does this mean?
A: A discovery notice means that business assets were not listed by the taxpayer in a timely manner during the listing period of the year in which it should have been filed. If you have any question about this discovery notice, contact the Tax Assessor’s Office.
Q: Do I have to list leased equipment?
A: Leased equipment is required to be listed each year along with the contact information of the business or entity from which you are leasing.