Business Personal Property Listing Form Desciptions Print

Business Personal Property Listing Form Descriptions

It is important that the listing form be completed and signed. Do not write “same as last year” on the form, as it will be denied and returned to the taxpayer.

The top portion of the listing form is the information section. This is critical information that guides the appraiser in the appraisal of your business type. Please do not leave this section blank.

Business Personal Property is anything used, or held in connection with a business for any income purpose.

Machinery & Equipment - Includes any kind of machinery, or any trade tools used in the business. This includes any personal tools used for the purpose of conducting business. You will also need to include all warehouse and packaging equipment, as well as, manufacturing equipment. You must also list all fully depreciated assets that are being used in the business.

Construction In Progress – You must report 100% cost of all personal property carried in the CIP account as of January 1st. Please provide a detail list of all property carried on this account.

Furniture and Fixtures – All furniture and fixtures and small office machines used in regular business operations. This includes but is not limited to, desks, adding machines, cash registers, telephone systems, fax machines, copiers, window air conditioning units, burglar alarm systems, filing cabinets, etc. If you have a home office used for the business you must also list all assets here as well including all personal items used to conduct your business. For those who have rental units, you would list all furnishings, including washer, dryer, refrigerator and stoves that are provided. You also have an option to use 6% of the value of the dwelling rather than itemize the listing.

Computer Equipment – This category is for personal computers, printers, scanners, magnetic storage devices, monitors, cables and other peripherals associated with computer equipment.

Leasehold Improvements – You must list all leasehold improvements made to the building if the building owner differs from that of the business owner/entity. An example of a leasehold improvement is special lighting for a beauty salon, or special wiring for a tanning salon. Haywood County also uses this category to list all signage.

Expensed Items –Expensed assets are also taxable and should be listed. If you are expensing assets for income tax purposes, you will still need to list them on the Business Personal Property Listing Form.





Supplies – Includes supplies and materials, (Office, Cleaning, Shop, Beauty, Linens, etc.) that are not consumed in manufacturing or processing or that become a part of the sale of the property being sold. All spare parts for equipment maintenance and repair should also be included. All doctor, dentists, veterinarians, nursing homes, rest homes etc should list all medical supplies including sample drugs. If you do not take an inventory of supplies as of January 1 you may take one twelfth of the total in the supply account.

The listing form also has yes/no questions to be completed. If you answer yes to any of the questions you must complete the attachment as indicated.

Unregistered Motor Vehicles – That is owned by the business must be listed on the Business Personal Property listing form under schedule B1. It is very important to include the year, make, model and VIN number and any special body cost. You may also use the B1 schedule if you have permanently registered trailers, multi year tag or any special bodies that has been placed on the vehicle after the original purchase of the vehicle. For all watercrafts or engines for watercrafts owned by the business, you must complete a schedule B2. Do not list tagged motor vehicles on this form.

Mobile Homes and Mobile Offices – If a business owns Mobile Homes, or a Mobile Office, you must complete schedule B3, including the year, size and cost of the Mobile Home or Office and the year it had been purchased.

Leased Property or Other Property That is in Your Possession That is Owned By Others – On January 1st, if you have in your possession any machinery, furniture, vending equipment, postage meters, video gaming, or any other assets that belong to someone else you must complete a schedule C form including the owner’s name, address and telephone number, a brief description of the property, the length of the lease along with the lease or account number and the selling price new. This report is to ensure that all leased equipment is being reported from the leasing agencies as well.

It is important to know what kind of lease you have. There are two types of leased equipment.

Capital Lease – a financial agreement for equipment that will be yours at the end of the lease. If you have a Capital Lease, it is your responsibility to list the equipment as the leasee. In some cases the leasing company will go ahead and list the equipment and bill you for the taxes.

Operational Lease
– a rental agreement between you and the leasing company, for a period of time, where at the end of the lease you have an option to buy or return the property. The Lessor should list this equipment.

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If you have equipment in your possession that had previously been leased, and now paid in full you must list the equipment at the original cost in the year of which the lease started. For example, you had a lease that started in 2003 with a cost of $50,000 and the lease ended in 2006. On the 2007 listing form you would list $50,000 as an addition in the 2003 year acquired.

Farm Machinery – used for the production of income must be listed on Schedule D. This includes, but is not limited to, Tractors, balers, tedders, hay rakes, etc.

Acquisitions & Disposals – You may attach a detailed Schedule G, which is a list of assets that had been purchased or disposed of in the previous year.

Affirmation - All listings must be signed by a legally authorized person. A legally authorized person is the taxpayer, a principal officer of the taxpayer, a Full-Time employee of the taxpayer who has been empowered by the principal officer to list the property. Listings that are left unsigned will result in the listing being returned to the taxpayer with the possibility of penalties.

You may obtain any of these schedules at the Business Personal Property Office or you may download them from the North Carolina Department of Revenue’s Website at www.dor.state.nc.us/publications/property.html.

Out Of Business Notice – If you are out of business, please complete the out of business section on the listing form. Be sure to let our office know if the business was sold, whom it was sold to and the new owners address.