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Frequently Asked Questions for Listing Business Personal Property

Source: www.wakegov.com
Topic: Property Listing

Sort Desciption: used for Property Tax Listing. ... Listings may be audited for the current year and five years prior. ... not be included on the personal property listing. ...

Content Inside: Frequently Asked Questions for Listing Business Personal Property How is leased equipment handled? There are essentially two types of leased equipment, a Capital Lease and an Operational Lease. A Capital Lease is a financing agreement for equipment that you own and will keep when the lease is over. Normally, if the buy out payment is 10% or less of the total purchase price, the lease fits in this category (please ask you accounting expert since other items are to be considered). A Capital Lease is the responsibility of the Lessee to report. However, in many cases the Lessor will list the property and bill you for the taxes. If the Lessor is going to list the property, you are still required ...

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