The assessment of personal property is part of the tax structure of property or ad valorem tax.

Personal Property is any property in your business that is not realty. It is all movable items not permanently affixed or attached to part of the real estate.

The basic categories of personal property are:

1. Furniture & Fixtures
2. Machinery & Equipment
3. Inventory

Personal Property may be leased, loaned, rented, consigned, or owned outright.

All businesses are required to initially render to the Tax Assessor an asset listing* of their business personal property. Thereafter, each business is required to submit a Personal Property Rendition Form, supplied by the Tax Assessor's Office, by April 1. Completing this form each year will update the asset listing*.

Related Mississippi Code:

• Failure to complete a personal property rendition form - 10% penalty (Code 27-35-45)
• Taxpayer to furnish list (Code 27-35-23)
• Authority to inspect property and demand data (Code 27-1-23)
• Failure or refusal by taxpayer (Code 97-7-1)

* An asset listing is an itemized list of furniture and fixtures, machinery and equipment including the year of acquisition, cost, and the make and model of that item.