Personal property is movable business property. It includes items used to run your business such as machinery, equipment, furniture, and supplies of businesses and farmers. It also includes any improvements made to land leased from the government (leasehold improvements).
Personal property tax does not apply to business inventories, or intangible property such as copyrights and
trademarks.
Most personal property owned by individuals is exempt. For example, household goods and personal effects are not subject to property tax. However, if these items are used in a business, property tax applies.
This is different from real property, which includes land, structures and improvements to land and certain equipment affixed to the land or structures.
For more information refer to this pamphlet from the State Department of Revenue or contact our office.