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BERNALILLO COUNTY OFFICE OF THE ASSESSOR2020 PERSONAL PROPERTY BUSINESS EQUIPMENT REPORT 7368 NASA (1993 AMENDED)December 16, 2019, Dear Business Property Owner: Business personal property (equipment)

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How to fill out business personal property

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Obtain the necessary forms for filing the business personal property tax assessment.

02

Gather all relevant information about your business personal property, including descriptions, quantities, and values.

03

Complete the forms accurately and legibly, following the instructions provided.

04

Attach any supporting documents or documentation required by your local taxing authority.

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Submit the forms and any required fees to the appropriate taxing authority by the specified deadline.

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Keep a copy of the completed forms and any receipts or confirmation of submission for your records.

Who needs business personal property?

01

Business owners or entities that own tangible personal property used in a trade or business need to file a business personal property tax assessment.

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This includes individuals, partnerships, corporations, and other legal entities that own assets such as furniture, fixtures, equipment, machinery, inventory, and other movable property.

03

The specific requirements for filing may vary depending on the jurisdiction, so it's important to consult with your local taxing authority or a tax professional.

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What is business personal property?

Business personal property refers to movable assets owned by a business that are not fixed to real estate. This includes items such as machinery, equipment, furniture, and inventory that are used in the operation of the business.

Who is required to file business personal property?

Typically, any business that owns or leases personal property used for business purposes, including sole proprietors, partnerships, and corporations, is required to file business personal property.

How to fill out business personal property?

To fill out a business personal property form, businesses need to provide information about their assets, including a description of the property, its purchase date, cost, and any depreciation. Specific forms and requirements can vary by jurisdiction.

What is the purpose of business personal property?

The purpose of business personal property is to assess and tax the movable assets utilized by a business, ensuring that businesses contribute fairly to local tax revenues.

What information must be reported on business personal property?

Businesses must report information such as types of equipment, inventory levels, acquisition dates, original costs, and any depreciation or previous assessments.

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