Property tax is a broad and complex tax issued by state and local governments, generating significant revenue by taxing both real and personal property across all entities. While homeowners and car owners are familiar with this tax, businesses often overlook their obligations. Here are some key deadlines and considerations to keep in mind.

What qualifies as business personal property?

Forty-Three states have a tax on business personal property (BPP). All business entities are subject to this tax, including non-profit organizations. Some exemptions are available but will vary by state and local jurisdiction.

Business personal property is any property that can be moved or touched. This is a separate tax from real property tax which may be on an office building or warehouse space. If a business operated in any physical location, even if the space is rented, then there is likely personal property to be reported. Rental Agreements may also specify if the lessor or lessee is responsible for reporting and paying property tax. The types of items a locality will want reported vary, but in general there is normally a few standard categories.

• Furniture
• Fixtures and structures
• Computer equipment
• Machinery and equipment used for business
• Inventory
• Leasehold improvements
• Supplies

When are filings due?

Business personal property filings are due annually. The due date is set by the county or town a business operates in. Each jurisdiction will have different rules on what they would like reported and the minimum threshold you have to meet to file each year. At a minimum a business should file their first year with any business property in a state to avoid a potential audit or imputed assessment.

The only states that do not have a tax on business personal property are Delaware, Hawaii, Illinois, Iowa, New Hampshire, New York, Ohio, and Pennsylvania. All other states will have some type of tax to consider for personal property used in business. All property in the taxing jurisdiction on the lien date – normally the first of the new year – will be subject to tax based on the situs location of the business or business owner.

Upcoming Business Personal Property Deadlines in New England:

Please note, all information below is based on the biggest cities in each state. While most states have similar forms and due dates for all localities there may be slight variations. The below is a guide and further research may be needed.

Due dates for select states outside of New England:

• California – Los Angeles: Form 571-L due between April 1^st and May 7^th
• Colorado – Denver: Declaration Short Form due April 15^th
• Florida – Miami: Form DR-405 due April 1st
• Georgia - Atlanta: Business Personal Property Return due April 1st
• Maryland - Baltimore: Form 1 due April 15^th
• Texas - Houston: Personal Property Rendition due April 15^th

Staying on top of business personal property tax deadlines is crucial to ensuring compliance and maximizing available exemptions—don't overlook your obligations!