Personal property is tangible property other than real estate such as, machinery, furniture, pipelines, wires and poles. All personal property owned by a registered business organization (sole proprietorship, partnership, trust or corporation) is taxable unless expressly exempt. Personal property is taxable in the municipality where the property is situated on January 1st each year. If a business leaves the municipality after January 1, personal property tax is due for the entire year unless an application for abatement is timely filed and granted.
Personal Property is valued by using replacement cost method minus depreciation, based on age and condition. Every five years during the town’s revaluation, all businesses are visited and taxable personal property verified.
