Business Personal Property
All individuals, partnerships, corporations and associations who own or possess personal property that is used or held for a business purpose or for other income-producing purposes (e.g., farming or rental property) must fill out a Business Personal Property Listing Form.
All business personal property listings are due on or before January 31 of each year and must be filed with the County Assessor’s Office. Any business that fails to list, under-lists or lists late is subject to penalties ranging from 10-60%.
Extensions to list business personal property may be granted if a request in writing is received prior to the close of the regular listing period, January 31. Historically, Cabarrus County has granted extensions until April 15.
Note: All businesses within our jurisdiction may be subject to audit for tax compliance.
Examples of Business Personal Property by Industry Type:
The penalty for failure to list and for under-listing is significant and may apply to the present year, plus five back years. It is better to ask if you are not certain.
Restaurants and Caterers: ovens, refrigerators, freezers, tables, chairs, booths, counters, dishes, dinnerware, cash register, etc.
Gas Stations and Convenience Stores: gas pumps and tanks, display shelving, racks, tools, lifts, jacks, diagnostic equipment, air compressor, washing equipment, cash register, etc.
Retail Stores, Discounters, & Wholesalers: display racks & cases, ladders, special lighting, cash registers, safe, alarms, etc.
Beach/Rental Homes, Apartments and Condos: The owner must list all furnishings, appliances, dishes, etc.
Auto Repair and Tire Dealers: equipment, jacks, lifts, compressors, tools, balancers, displays, waiting room furniture & TV, etc.
Beauty and Barber Shops, Nail Salons, Service Companies: chairs, dryers, sinks, stations, washers, cash register, etc.
Contractors, Subcontractors: tools, equipment, backhoes, bobcats, ladders, small tools, etc.
Doctor and Dentist Offices: tools, equipment, supplies, patient chairs and tables, files, furniture, drug samples, etc.
Landscape and Lawn Service Companies: mowers, rakes, tools, sprayers, spreaders, etc.
Golf Courses: Maintenance equipment, rental carts, see Retail, see Restaurants, range balls, flags, tee markers, lockers, weight room equipment, spas, etc.
Hotels, and Bed & Breakfast Inns: all room furnishings, appliances, TVs, safe, counters, etc.
Accounting, Insurance, Real Estate and General Business Offices: computers, furniture, telephone systems, filing systems, office machines, etc.
Affirmation of Taxpayer
A signature must be affixed to the form by a principal officer of the business or a fulltime employee of the business who has been officially empowered by a principal officer to sign the listing on his/her behalf.
Listing forms that are unsigned or not signed by the proper authority will be rejected and could be subject to penalties. A tax representative or outside accountant is not an authorized signatory. The form must be completed and returned to the Tax Assessor’s Office each year.
Each business activity operating within a city limit may be required to purchase from the city a privilege license to conduct such business. Sales and Use Tax information may be obtained from the NC Department of Revenue. Issues of incorporation / formation of a business entity may be addressed with the NC Department of the Secretary of State. The Department of Commerce Business Service Center, 800-228-8443, is a good resource to contact for those starting a business in North Carolina. Any business operating under an assumed name must file a Certificate of Assumed Name with the Register of Deeds.
Questions or Comments
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