What is business personal property?
All persons, corporations, partnerships, etc. owning personal property, aircraft, commercial mobile or portable units are subject to ad valorem tax. The property must be listed and assessed in the Revenue Commissioner’s Office after October 1, but no later than December 31 each year. Failure to make an assessment by the 3rd Monday in January will result in a 10% penalty and fees being added to the tax bill.
Shares of stock are reported to the Share Tax Division of the Alabama Department of Revenue in Montgomery and the County Revenue Commissioner is advised of the value. All other personal property is appraised by the County Revenue Commissioner for taxes, based on the cost of the item new and allowance for depreciation due to age.
Taxes become due on October 1, the same as ad valorem tax on real property. Delinquent personal property taxes are handled differently, however. Beginning January 1, when the taxes become delinquent, the Revenue Commissioner must proceed to collect the taxes due or sell the property to satisfy the lien. Personal property sold for taxes cannot be redeemed.