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Personal Property Definition
Personal Property includes machinery, equipment, furniture and other articles related to the business of a commercial or industrial operation. Personal property typically rented for 30 days or less is exempt, as are inventories of merchandise, materials, and supplies that are held primarily for sale. With the exception of works of art on public display, personal property is taxable for the entire year regardless of conveyance, relocation, destruction, or change in taxable status.
For tax years 2017 and 2018, personal property under common ownership with a combined total actual value less than or equal to $7,400 per county is exempt. For tax years 2019 and 2020, personal property under common ownership with a combined total actual value less than or equal to $7,700 per county is exempt.