The Personal Property tax is levied principally on businesses and is based upon the non-real estate, tangible assets of the business.
Each year taxpayers are required to file a return to the Assessors by March 1st. The Form of List (State Tax Form 2) details taxable personal property and is required by Massachusetts statute.
Unincorporated businesses are taxed on all of their furniture, fixtures, machinery, equipment and inventory.
Most incorporated businesses are taxed on all machinery used in the conduct of business except for machinery used only for administrative purposes.
The assessment date for the Fiscal Year is the January 1st preceding the start of the Fiscal Year. Each business is assessed based on its existence on the assessment date. Thus, any business that existed on January 1st would be billed for the entire fiscal year.
Example: If you were in business as of January 1st 2018; you are responsible for Fiscal Year 2019 bills which run from July 1st 2018 through June 30th 2019.
Business moved or closed? You must notify the Assessors in writing via the annual Form of List filing, a discontinuance through the Town Clerk’s office, or by other means. Notifications must include date of closure, new address if business has relocated, and be signed and dated under penalties of perjury.