Business Personal Property

IMPORTANT DATES TO REMEMBER

January 1-March 1
Date of assessment. Personal Property Renditions mailed.

April 1
Filing deadline for tangible tax return (with no penalty applied).

First Monday of July
The date when the tax rolls are certified by the assessor to the Board of Supervisors.
Any objections to the values on the rolls are made at this time.

First Monday of August
The Board of Supervisors certify tax rolls and recaps.

September 15
All county budgets are finalized and the tax levy is set by the Board of Supervisors.

December 1
Tax bills mailed by Tax Collector.

DEADLINES AND PENALTIES

The deadline for filing a timely return is April 1st. After April 1, Mississippi Statutes provide that penalties will be 10% of the total assessment.

1. What is Business Personal Property?
Business Personal Property can be defined as all goods other than real estate that has value by itself.

2. Who must file a Business Personal Property tax return)?
Anyone in business as of January 1 must file a Business Personal Property tax return. The business could be established as a   proprietorship, partnership, corporation or as a self-employed individual. Property owners who lease, lend, or rent property or equipment must also file. 

3. Why must I file a return?
Mississippi Statute requires that all Business Personal Property be reported each year to the Tax Assessor's Office. If you receive a return, it is because our office has determined that you may have property to report. If you feel the form is not applicable, return it with an explanation and ensure you sign and date the return. Either way, the form MUST be returned. Failure to receive a Business Personal Property Tax Return does not relieve you of your obligation to file.

4. What are examples of Business Personal Property that must be reported?
All trade furniture, fixtures, and equipment are Business Personal Property. Examples of Business Personal Property include appliances, computers, communications towers, copiers, equipment, faxes, file cabinets, fixtures, furniture, leasehold improvements, machinery, phones, radios, safes, scanners, security systems, signs, tools, TV's, underground tanks, utility wires and poles, supplies and leased equipment. Property owned by others but is located at your business and/or used in your business must be reported. Property that you personally own and use in your business must be reported. Licensed vehicles designated as a tool rather than a hauling vehicle must be reported. Examples are towing equipment, cranes, pump trucks, loaders forklifts, and excavators. 
 
5. Are leasehold improvements Business Personal Property?
If an improvement is of a permanent nature that cannot be readily replaced, or if removing the improvement would cause substantial damage to itself or the real estate, it is NOT considered tangible personal property. If the improvement can be easily removed without damaging itself or the real estate, then it is considered tangible personal property.

6. What if I have old equipment that has been fully depreciated and written off the books?
Whether fully depreciated in your accounting records or not, all property still in use or physically located at your business must be reported. 

7. How can I obtain a Business Personal Property tax return?
TPP tax returns are mailed to businesses that are currently on the tax roll on January 1. If you do not receive one by the end of January, contact the Tax Assessor's Office.  
 
8. What if I receive more than one tax return?
If you have more than one location, the assets of each location should be listed on a separate return. Fill out, sign, date and return each Business Personal Property tax return received.

9. Do I still have to file the return if I have no assets to report?
Yes. All businesses must file a Business Personal Property tax return. Even if you feel you do not have anything to report, fill out all items on the return, and attach an explanation of why nothing was reported. Be sure you sign and date the return before mailing it to our office.

10. Is there a minimum value that I do not have to report?
No. A Business Personal Property tax return must be filed on all assets by April 1.  
 
11. If I'm no longer in business, should I still file a return?
Yes. If you were NOT in business on January 1 of any given year, you MUST file a final Business Personal Property return to close your account. On your final return, indicate the date you went out of business and the manner in which you disposed of your business assets (e.g., sold, disposed, or retained for personal use). Sign and date the final return and clearly write ''FINAL RETURN'' across the top of the form. Mail the signed and dated final return back to this office. 

12. Do I have to report assets that I lease, loan, rent, borrow or are provided in the rent?
Yes. There is an area on the return specifically for those assets. Even though the assets are assessed to the owner, they must be reported for informational purposes.

13. Are there deadlines and penalties?
The deadline for filing a Business Personal Property return is April 1. After April 1, Mississippi Statues require that penalties be applied at 10% of the assessment value. 

14. If I buy or sell an existing business during the year, who is responsible for the taxes?
The owner of the equipment on January 1 is responsible for filing a Business Personal Property tax return. The person(s) responsible for paying taxes should be addressed at the time of closing. A search for outstanding or back Business Personal Property taxes should also be made. Taxes always follow the equipment. You should consult your realtor, attorney, or closing agent to avoid problems in this area.  

HELPFUL HINTS AND SUGGESTIONS 

** File the original Rendition tax return received from this office (with the preprinted name and account number), as soon as possible before April 1.. Sign and date your return.