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Business Personal Property |
What is Business Personal Property? |
Personal Property is property not permanently affixed to or part of real estate. Any equipment used to operate a business is personal property.
Per Act 2024-436, it is a requirement to file your Business Personal Property Rendition online if your assets are $10,000 or more. It is to your advantage to file online even if assets are lower than $10,000. It is the business owner’s responsibility to forward this information to whoever is responsible for filing the return. To access your account, go to https://dallas.capturecama.com scroll down then to the right go to “File your Business Personal Property Rendition”. For existing businesses, page one of the AD 40 form received by mail will have account and pin numbers associated with your business account. This information will allow owners to securely access accounts and file online. To file a new account, click forms on the left side of the page to print a blank rendition. Only new accounts will be accepted on paper form. All other accounts with assets $10,000 or more will be returned if not submitted online.
Where do I file Business Personal Property online?
The link below will lead you to the page to file Business Personal Property Tax. New businesses will need to file a paper copy for the first time however, the pin and account number can be found on the AD40 form if you have received a copy of the form by mail.
Online Filing
How are equipment taxes arrived?
The market value is calculated by using the cost of the equipment, the type of equipment and the year the equipment was purchased. Each tax year we are given composite factors from The State Department of Revenue. Here is how the calculations are done:
Cost X Composite = Market Value
Market Value X 20% = Assessed Value
Assessed Value X the Millage Rate = Taxes
Millage Chart
When is the rendition form due to be reported?
Business Personal Property forms are mailed for the business to receive by October 1st of each tax year and are to be returned to our office by December 31st.
Do I have to fill out a rendition form every year?
Yes, failure to fill out the form will result in a 10% penalty and a $5.00 fee.
If I have equipment just sitting around that I am not using, am I taxed on that equipment?
Yes, if equipment is in working order and could be used by the business if the owner chose to use it, the equipment is classified as idle equipment. Idle equipment is taxable.
What is add on equipment?
Add on equipment is equipment that has been added to a vehicle whether by owner or manufacturer.
If I have equipment that I use personally and for my business, do I need to report it?
Yes, if it is used for your business as well as personal it should be reported.
If equipment was given to me and I don’t know the cost of it, should I report it?
Yes, if equipment was given to you and it is being used in the business it has value.
What do you consider to be supplies?
Supplies are anything that is used to operate the business that is not for sale. This cost should not be included in the equipment cost. (consumable items, office supplies, spare parts, etc.)
Is inventory taxable?
No, inventory is not taxable.