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  • Most of my business equipment has been fully depreciated on my income tax return; do I still list these items on the personal property return?
View All Personal Property FAQs

Most of my business equipment has been fully depreciated on my income tax return; do I still list these items on the personal property return?

Yes, all assets owned as of the October 1 lien date must be reported with acquisition dates and acquisition costs. The depreciation schedule used in preparing income tax returns may be used. However, the depreciation schedule must be adjusted for additions and deletions so that it will contain property owned by the business on the October 1 lien date. Also, assets which are expensed rather than capitalized for income tax purposes and are not included on the depreciation schedule must be added to the taxpayer’s listing so that all personal property is reported.

Yes, all assets owned as of the October 1 lien date must be reported with acquisition dates and acquisition costs. The depreciation schedule used in preparing income tax returns may be used. However, the depreciation schedule must be adjusted for additions and deletions so that it will contain property owned by the business on the October 1 lien date. Also, assets which are expensed rather than capitalized for income tax purposes and are not included on the depreciation schedule must be added to the taxpayer’s listing so that all personal property is reported.
Related FAQs in Personal Property
The Code of Alabama 1975, Sections 40-3-20, 40-3-24, and 40-3-25 detail the appeals process. If you believe your property value is incorrect, you may file a written protest to the County Board of Equalization (BOE). Property owners are given 30 days to file an appeal after receiving written notice of valuation.
If you fail to file a listing of your Personal Property, the assessing official’s office in the county where the property is located will make an assessment of the property using the best available information. In addition to tax owed, applicable penalties will be assessed. This procedure is in accordance with Section 40-7-22, Code of Alabama 1975.
Yes. All counties are currently following the Alabama Department of Revenue guidelines to regularly audit businesses which have personal property.
If your business closed prior to October 1st and the assets have been disposed of, you should file a final tangible personal property tax return, indicating the date of closure or sale of the business. For additional information, contact the county in which your property is located, click here.
Contact your local county office to receive a form by mail or fax, or download the Business Personal Property Return Form.
If you fail to file a listing of your Business Personal Property, a field review will be conducted in accordance with the provisions of Title 40 of the Code of Alabama 1975. During this field review, a listing will be made of your business personal property and this property will be assessed to you.