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Article: Personal Property Tax And Preparation Of The Personal Property Statement.
- Article from:
- Mondaq Business Briefing
- Article date:
- April 19, 2004
CopyrightCOPYRIGHT 2004 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Originally published in 2001
A. INTRODUCTION.
Business Personal Property is Taxable; Household Goods are Exempt. All property in the state is subject to property taxation, both real and personal, unless exempted by the Arizona Constitution. There is no blanket exemption in the Constitution for personal property but there is one for "household goods." See Arizona Constitution article 9, section 2. What is left for taxation is non-household goods -- business personal property.
B. INVENTORY AND INTANGIBLES.
Inventory. Stocks of raw or finished materials, unassembled parts, work in process or finished products constituting the inventory of ...