Business Personal Property
Business Personal Property
During the listing period, businesses in North Carolina are required to list all business personal property owned on January 1 with the County Assessor where the property is physically located. It is the responsibility of the business owners to annually list the property for ad valorem taxation.
Businesses that have previously listed with the Beaufort County Assessor’s Office will receive a pre-populated listing form in mid to late December. New businesses can request a form be sent to them or fill out the North Carolina Department of Revenue Business Personal Property listing form. The Business Personal Property form can also be obtained by clicking here
Requests to extend the listing period are required to be in writing and received or postmarked no later than January 31st. Approved requests are extended until April 15th.
WHAT TO LIST:
The following items are considered business personal property and are required to be listed at their historical costs by January 31st annually OR April 15th with an approved extension request:
- All personal property owned by the business to including but not limited to: machinery and equipment, computer/office equipment, farm equipment, furniture/fixtures, point of sale equipment
- Supplies/Materials: to include spare parts held for equipment maintenance and repair, hand tools, janitorial items, hotel and restaurant linens, smallwares, and china, beauty/barber supplies, medical/dental, fuels held for consumption, office supplies
- Leasehold Improvements: Improvements made by or for the business to real property leased or used by the business. These improvements may or may not remain in place at the end of the lease.
- Vehicular equipment: mobile homes, farm equipment, farm tractors, combines, harvesters, watercraft and motors, aircraft, multi-year and permanent tagged vehicles and trailers, International Registration Plated vehicles (IRP). This section also includes vehicles located in North Carolina but have tags from a different state.
- Construction In Progress: CIP is business personal property that is under construction on January 1. These costs are reported at 100%.
SOLD, CLOSED BUSINESS:
When a business is sold or closed, Beaufort County Assessor’s Office and The Office of the Tax Collector require a written statement at least 48 hours prior to the close or sale of the business. The letter should indicate the name of the business and:
- The date the business sold or closed
- The contact information of the buyer
- What was done with the assets. Meaning, they were sold to the new owner, disposed of, donated, etc. Proof is required for the disposal of assets.
The Office of the Tax Collector will determine if any liability is owed or if funds from the sale will be needed to pay current or outstanding taxes.
If the property was sold or moved after January 1st of the taxing year, you are still responsible for listing the property and paying the related tax bill that is usually mailed in the Fall. Any prorations regarding the personal property are private matters between the buyer and seller. There is no proration for taxes by any Beaufort County office.
North Carolina law requires all businesses operating to list annually.
To ensure businesses are in compliance with the North Carolina listing requirements, all businesses are subject to an audit of their Business Personal Property. Businesses selected for audit will receive an Audit Engagement Letter.
The results of an audit may result in no additional tax due or may result in a discovery of unreported or underreported assets, and/or a correction to misclassified assets.