Personal Property

A Personal Property Form of List must be filed each year by all individuals, partnerships, associations or trusts, corporations, limited liability companies and other legal entities that hold or own taxable personal property on January 1. A Personal Property Return for Wireless Carriers must be filed by such entities. These returns are to be filed annually on or before March 1 with the Assessors. A return is not considered filed unless it is complete.

The information in each return is used to determine the taxable or exempt status of the personal property and, if taxable, its fair market value. Personal property returns are not available to the public for inspection under the state public records law. It is available only to the assessors and Massachusetts Department of Revenue for the purpose of administering the tax laws.

Note: There is a penalty for not filing, filing late or not complying with an audit.

Assessment Date of Personal Property

All personal property is assessed to the owner of the property as of January 1 preceding the fiscal year. If you dispose of your personal property after January 1 but prior to the new fiscal year, by law, you will be responsible for any personal property tax for the full upcoming fiscal year.

It is important to notify the Assessors in writing if you close your business or moved, to ensure your personal property account is updated or closed if warranted.

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