Business personal property includes tangible items owned or used to operate a business or produce income. Common examples include computer and office equipment, supplies, materials, machinery, furniture, and certain leasehold or building improvements.
All business personal property owned, controlled, or in use as of January 1 is subject to listing each year, even if the property may qualify for an exemption. Inventory held for sale is generally excluded.
Business personal property is valued using a cost-based approach, generally reflecting replacement cost new, less depreciation, based on schedules developed by the North Carolina Department of Revenue.
For details on filing requirements, deadlines, extensions, and how to submit a listing, please visit wake.gov/businessproperty.
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