Business Personal Property
During January of each year, businesses and professionals in North Carolina are required by state law to list all business personal property with the Tax Assessor on a listing form approved by the Department of Revenue. All business personal property, which is liable to be listed is assessed as it sits on January 1 of each year. It is the responsibility of business personal property owners to report this property to the Tax Office for ad valorem taxation. Business personal property owners must research tax laws in order to take advantage of any exemptions for which their property may be eligible.
The Business Personal Property Department of the Franklin County Tax Assessor’s Office is responsible for listing and assessing business and professional property for ad valorem taxation. Taxpayers who listed these types of personal property for the prior year will receive a listing form in the mail in order to make any necessary updates to their records; these forms are mailed on the last day of December to ensure that they are received with ample time to be returned to the Tax Assessor’s Office by the January 31st due date. In addition to being listed on the Business Personal Property listing form, business personal property must be described on an itemized list to be submitted with the listing form to ensure proper asset depreciation. Taxpayers are responsible for acquiring the appropriate form for their initial listing; you may print one here or contact the Tax Assessor’s Office to obtain one. The listing period always begins on the first business day in January and continues through the end of January. If business personal property is not listed by the January 31st cut-off date, a ten percent late listing penalty is assessed.
If your business has been sold or is closed, North Carolina General Statute requires all taxpayers to give notice to the Tax Collector and Tax Assessor as billing is based on the January 1 owner of the property.
Listing forms are mailed each December to owners who are already on record. If you do not have a current record of listing personal property and need to obtain the necessary form, you may download one here or obtain one from our office by request.
Email Contacts for Business Personal Property: