Personal Property - Individual and Business

What is Personal Property?

 

Personal property is divided into two distinct categories; Individual Personal Property and Business Personal Property. 

Personal property is all tangible property other than real estate. This generally includes movable items not permanently affixed to land.  Individual personal property (IPP) includes boats, trailers, unlicensed vehicles etc. Some personal property (e.g. household goods) is generally exempt from taxation, unless it is used to operate a business. If so, the property will be classified as business personal property (BPP) and is subject to taxation.  BPP generally includes machinery, equipment, furniture, and computers used in business operations. Registered motor vehicles are personal property too, but they are taxed differently under the Tag & Tax Together Program.

North Carolina General Statutes require all individuals owning personal property on January 1st of a calendar year to list that property for taxation every year.	If you listed personal property last year, we will automatically mail a listing form to you in December of this year.
The listing period is from January 1 through January 31.	If you do not receive a form and have property that requires listing, it is your responsibility to obtain and complete a Personal Property Listing Form.
Listings received after January 31 are subject to late listing penalties per North Carolina General Statute 105-312(h).	Listings submitted by mail are filed as of the date shown on the postmark affixed by the U.S. Postal Service.

 

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