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4 1. BUSINESS PROPERTY TAX AND EXEMPTIONS TAXATION OF REAL AND PERSONAL PROPERTY Real property is subject to property taxes. Personal property used in business and certain personal property used for

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What is business property tax?

Business property tax is a tax assessed on tangible assets owned by a business, such as equipment, machinery, and furniture.

Who is required to file business property tax?

All businesses that own tangible assets are required to file business property tax.

How to fill out business property tax?

To fill out business property tax, businesses need to list all tangible assets they own and their corresponding values.

What is the purpose of business property tax?

The purpose of business property tax is to generate revenue for local governments based on the value of a business's tangible assets.

What information must be reported on business property tax?

Businesses must report the description, location, and value of all tangible assets they own.

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