Business Personal PropertyASSESSOR
Taxable business personal property can be commonly described as furniture and equipment that is used in the operation of a business. Buildings and structures are not considered personal property and are taxed separately. Furniture and equipment not used in the operation of a business is not assessed property taxes. Business owners list the furniture and equipment used in their business and submit it to the Assessor’s office annually. For questions or concerns about business personal property feel free to contact the Assessors office at email@example.com or (208)454-6657.
Property Tax Exemption for Certain Business Personal Property
In 2013 the Idaho Legislature amended Idaho Code 63-602KK to exempt up to the first $100,000 dollars of Business Personal Property value per Taxpayer per county. Stand alone business personal property purchased after January 1, 2013 that has a purchase price of $3,000 or less is also exempt from property taxes. Mobile homes and airplane hangars are not included in this exemption. Businesses with property in multiple locations in the same county may submit the location election form with their property declaration if they wish to choose which location(s) to exempt the property on. If a business only has one location in a county or does not wish to choose which location receives the exemption, completing the location election form is not necessary. Filing the Business Personal Property declaration acts as the application for this exemption.
FAQ: Business Personal Property
What Business Personal Property is Assessed?
Unless specifically exempted, all personal property in Idaho is subject to assessment and taxation. ID Code 63-302 Some examples of taxable personal property consists of items used in a business or farming, such as:
- Office Furniture (desks, filing cabinets and chairs)
- Professional Libraries
- Leased equipment
- Machinery and equipment
- Tools (including small hand tools)
- Signs and Telephones
- Unregistered vehicles
- Lease hold improvements such as store counters and display racks
- Computers (including software), typewriters and office machines
- Medical/scientific equipment and instruments.
What Personal Property is exempt?
- Personal effects
- Household items
- Non-business apparel
- Registered motor vehicles
- Business inventory
- Facilities for water or air pollution control
- Various exemptions allowed under title 63 and chapter 6 of Idaho Code. (Annual applications are required)
What is Transient Personal Property?
Transient personal property is unregistered farming, construction, logging and mining equipment which spend more than 30 consecutive days in more than one county in the state during the same year. If you own transient personal property, you should consider the county in which you maintain a residence or usual place of business as your home county. ID Code 63-313
What is a Lien Date?
The lien date for real property and most personal property is January 1. For personal property brought into Idaho after January 1, the lien date is the first day in which the property was brought into the state or put into service.
Who assesses personal property in Canyon County?
The Canyon County Assessor’s Office.
How does the County Assessor know what to assess?
If you have taxable business personal property in Canyon County, you are required to report it to the Canyon County Assessor. This is done by using a Personal Property Declaration, a form available from the Canyon County Assessor’s Office. The form contains sections for listing personal property by make, manufacturer, year of manufacture, serial number, year acquired and cost, including installation if required.
When must I report my personal property?
You must return your personal property declaration to the Canyon County Assessor by the date indicated on the declaration, or no later than March 15. A different deadline may be given if your personal property is missed or your business starts after January 1st. You should file the declaration for transient personal property on or before the first Monday of November of each year with the assessor of your home county. If you own transient personal property, you should notify the county assessor within ten days of entering a county other than the property’s home county.
How is my personal property assessed?
Business personal property is assessed by taking the original purchase price, times a replacement trend, minus accrued depreciation to arrive at market value. The Idaho State Tax Commission does provide depreciation guide lines for each property type.
The value of personal property is included on the assessment notice mailed to you. When you get your assessment notice, please review it carefully to ensure all the information is accurate. Assessment notices are usually mailed by the first Monday in June. However, if you start a new business after January 1 or have transient personal property, the assessment notice for your personal property is usually mailed in December. ID Code 63-308
What if I disagree with the assessed value of my personal property?
After the assessment notice has been sent, property owners have an opportunity to file an appeal. See Appeal Process.
What happens if I close or sell my business?
If you sell to another person or at a farm auction or close a business, you should notify the Canyon County Assessor’s Office in writing as soon as possible. The prior owner is responsible for taxes for the entire year, because the lien date is January 1st.
What if a business does not report it’s personal property?
The Canyon County Assessor is required to assess property which is not declared. The assessment is based on the best information available. Idaho law provides that county officials must double the assessed value of any personal property they discover which has been willfully concealed in order to avoid paying taxes. The assessment is doubled for each year the property escaped assessment. County officials may sell personal property immediately after taxes become delinquent and pay off the tax lien from the proceeds of the sale. ID Code 63-1401
How are my personal property taxes determined?
The market value of your property is one factor in setting the amount of tax you pay. The County Assessor does not determine tax amounts. The amount of taxes is determined by the budgets of the taxing districts in which your property is located.
When will I get my Personal Property Tax Bill?
You will normally receive your personal property tax bill by the end of November from the Canyon County Treasurer. For transient personal property or December assessments, you should receive the bill in February of the following year.
What happens if my personal property taxes are not paid on time?
Taxes are delinquent if not paid by the due date. Delinquent taxes accrue interest and penalties, which are also a lien against your property. At this point, the Canyon County Sheriff may seize and sell your property.
For questions concerning Business Personal Property Assessment Notices call (208) 454-7440.
If you have questions about your property tax bill, please contact the Canyon County Treasurer’s Office at (208) 454-7355.
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