Personal Property FAQ's

Do I have to file a declaration if I believe my value is less than $7,400?

The only way the Assessor’s office can verify that your personal property value is less than $7,400 and therefore exempt is if you submit a complete listing of your personal property on the declaration. Once your exemption has been verified, you will no longer have to submit a declaration. However, if you purchase new assets you may become taxable again.

 Do I have to report fully depreciated assets?

Yes, fully depreciated assets need to be included on the declaration. These assets are taxable until disposed of or sold.

 The federal exemption is $2,500, is this true for the county?

No. All assets with an original installed cost (including freight, sales tax and installation) greater than $350 is taxable and must be included on the declaration schedule.

 I sold my business/residential rental, so am I no longer responsible for the taxes?

It depends on when you sold the property. If you were the owner on January 1, you will be responsible for the entire tax bill you receive next January.

 Do I have to report anything if my vacation rental furnishings are old and have no value?

Yes. You do not report what you think the furnishings are worth today. You must list the year that each furnishing was acquired and what you paid for it then. We will depreciate the value based on the year acquired and useful life to estimate the current actual value.

 What if the furnishings came with my property and I didn’t pay anything for them?

If used furnishings were included in the purchase of your property and you don’t know the original installed cost, you need to estimate what you would have paid for a similar item in a used furniture store.