Platte County Assessor's Office
Business Personal Property Frequently Asked Questions
What is business personal property?
Business Personal Property is any tangible property owned, claimed, used, possessed, managed or controlled in the conduct of a trade or business. This includes all machinery, fixtures, office furniture and equipment. In general, business personal property is all property owned or leased by a business except licensed vehicles, business inventory, intangible assets or application software.
When is business personal property appraised?
Unlike real property, business personal property is appraised annually.
What do I have to submit to file in Platte County?
Unless prior permission has been granted, or if you are filing for multiple locations of the same business entity, you must complete and return the original Business Personal Property Assessment form. Forms marked “See Attached” are not acceptable. Class schedule information is provided on the form as a tool. Most assets, not all, (other than vehicle types) should be included in the 5- or 7-year class. You may, of course, attach back-up documentation, and where not enough space is provided (for multiple vehicles, heavy equipment, etc.), you may send separate sheets to list such assets.
When is the Business Personal Property Assessment form due?
Business Personal Property Assessment forms are mailed out the first week of January and are due to the Assessor's Office no later than March 1 to avoid late filing fees.
Can I file my business personal property online?
At this time, online filing is not available to businesses. However, filings may be submitted via email to firstname.lastname@example.org or faxed to (816) 858-3314.
Can I submit my assets using a separate spreadsheet?
Yes. Assets can be listed on a separate spreadsheet and must be returned with the assessment form via email at email@example.com. If submitted in this format, account numbers and assessed values can be added to the spreadsheet and returned for your records. (Download Spreadsheet)
I haven't purchased anything new. Do I still need to file?
Yes. All businesses must file each year. The Assessment form will list all previously filed business assets. If the items listed are exactly the same as last year and no new assets were purchased or owned on January 1, 2014, check the "NO CHANGES" box, complete Section 4, sign and return by March 1, 2014.
Do I pay taxes on leased equipment? Where do I list leased equipment on my form?
Please consult your contract or contact your leasing company for this information. In most cases, the owner of the equipment (the leasing company) will be responsible for filing and paying the taxes on the equipment/vehicles. If the leasing company will pay the taxes, list the equipment under Section 5: Leased Equipment. If you are responsible for the taxes, provide the actual cost of the equipment you own (not the amount you pay for the lease).
What do I need to do if I'm a new business or have opened a new location?
If you need a new or additional account set up, please email the following information to firstname.lastname@example.org or call our office at (816) 858-3312:
- Mailing address
- Physical address of the property
- Date the business opened or the date the property entered Platte County
I was not open for business on January 1. Do I still have to complete the assessment form?
Yes. A business does not have to be opened for its taxable personal property to be subject to assessment. Any taxable business personal property (such as furniture, equipment and supplies) that was in the owner's possession on January 1 is subject to assessment.
I closed or sold my business prior to January 1. Do I still have to complete the form?
Yes. Indicate on the Business Personal Property Assessment form the status (closed or sold) of your business and include the date the status change took place. Please include the name of the buyer, if sold, then sign and return to the Assessor's Office.
I went out of business after January 1 this year. Do I still have to complete the form and pay personal property taxes?
Yes. The law specifies that all taxable personal property must be assessed as of January 1 (regardless of what transpires after that date). Even if the business closed shortly after January 1, a business must still file any personal property owned on January 1 of the current year.
I need to change my business address. What information do I need to provide?
If you have an existing account and need to change the mailing or physical address for that account, please indicate the change(s) on the Assessment form. Changes in physical address (physical location of the property owned) should include the date the change took effect. You can also use the Change of Address form to submit your address change anytime during the year.
How do I determine if the equipment I own is located in Platte County?
Refer to the Platte County Zip Code Guide to ensure you file your assets in the correct county. If you have reviewed the list and are still unsure, please call our office at (816) 858-3312.
How do I request a filing extension?
All filings are due to the Assessor's Office March 1, 2014, unless an extension is granted. Extensions must be requested prior to March 1, 2014, and will only be granted until April 1, 2014. In order to ensure accurate and timely filing, businesses are required to use the official Platte County Business Personal Property Assessment Form and must be completed with a contact name, email and phone number. (Download Extension Request Form)
I'm not sure about the "Recovery Period" for my property. What classification should I use?
The majority of business personal property will be filed in either the "5-Year Recovery Period" or the "7-Year Recovery Period." Please consult the breakdown and explanation in Section 4 on the Assessment form. If you own equipment not listed there, or are unsure of which classification to use, please call our office at (816) 858-3312.
PLEASE NOTE: Very few businesses have equipment which lies in the "3-Year Recovery Period" classification. If you believe you have equipment in this category, please call our office to verify this before filing, or submit a detailed description of the property with your rendition.
How is property depreciated and the assessed value determined?
Only original costs should be listed. NO ATTEMPT SHOULD BE MADE TO FILE ASSESSED OR DEPRECIATED VALUES; this will be determined by the Assessor’s Office. Please review the Assessment form for a breakdown of the depreciation schedule. Retain a copy for your records and forward to others in your organization responsible for settlement of bills.
How can I get a copy of my 2014 assessed value?
If you filed your assets on a separate spreadsheet, the Assessor’s Office will return a copy with account numbers and assessed valued to you by email.
If you did not file with a separate spreadsheet, include your email address on the form and a Property Report will be sent to you for review. Property Reports will show ONLY totals by year and recovery period for each Platte County Tax District. A detailed listing of assessed value by asset cannot be provided if no spreadsheet is rendered.
PLEASE NOTE: Multiple people within an organization may require access to the assessment information. For instance, one department may be responsible for filing the information with the Assessor and another department may be responsible for payment of the tax bills. Please provide email addresses for each individual needing a copy, or distribute the information to others within your organization, especially those settling bills at the end of each year.
What is cost of supplies?
Supplies are consumables (pens, napkins, hangers, paper, cleaning products, etc.). Do NOT include inventory intended for re-sale.