Form 12.02 - Business Personal Property Rendition Of Taxable Property Page 3
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Personal Property: Every kind of property that is not real property; generally, property that is movable without damage to
itself or the associated real property. Inventory: Personal property that is held for sale to the public by a commercial
enterprise.
Type/Category: Functionally similar personal property groups. Examples are: furniture, fixtures, machinery, equipment,
vehicles, and supplies. Narrower groupings such as personal computers, milling equipment, freezer cases, and forklifts
should be used, if possible. A person is not required to render for taxation personal property appraised under section
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3.24.
Estimate of Quantity: For each type or category listed, the number of items, or other relevant measure of quantity (e.g.,
g
allons, bushels, tons, pounds, board feet).
Property Address: The physical address of the personal property on January 1 of the current tax year. Normally, the
p
roperty is taxable by the taxing unit where the property is located.
Address Where Taxable: In some instances, personal property that is only temporarily at its current address may be
ta
xable at another location (taxable situs). If you know that this is the case, please list the address where taxable.
Good Faith Estimate of Market Value: Your best estimate of what the property would have sold for in U.S. dollars on
January 1 of the current tax year if it had been on the market for a reasonable length of time and neither you nor the
purchaser was forced to buy or sell. For inventory, it is the price for which the property would have sold as a unit to a
p
urchaser who would continue the business.
Historical Cost When New: What you paid for the property when it was new, or if you bought the property used, what the
original buyer paid when it was new. If you bought the property used, and do not know what the original buyer paid,
s
tate what you paid with a note that you purchased it used.
Y ear Acquired: The year that you purchased the property.
Consigned Goods: Personal property owned by another person that you are selling by arrangement with that person. If
y
ou have consigned goods, report the name and address of the owner in the appropriate blank.
Fiduciary: A person or institution who manages property for another and who must exercise a standard of care in such
management activity imposed by law or contract.
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Parent category: Financial