This is an annual tax based on the personal property owned by your business on January 1st of each year.
It is, therefore, very important to keep an accurate list of assets and depreciation schedules that are usually required as an attachment to the report.
If you have property located in different jurisdictions, multiple filings are required.
At Brown, Mobley & Way, P.C., we use an excellent fixed asset management program to track your furniture, equipment, etc., by class, purchase date, cost, and location-including detailed depreciation schedules.
These are provided to all business clients and can be updated whenever you notify us of a new acquisition during the year.