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Bernalillo County business personal property reporting period opens
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Bernalillo County business owners can start filing their business personal property forms, which are due Feb. 29.
There’s a 5% penalty for anyone who files after the last day of February.
“We’re using Leap Year to encourage business owners to leap past a penalty — and into potential tax savings,” Bernalillo County Assessor Damian Lara said in a statement.
Business personal property includes assets or equipment of a business that aren’t permanently attached to the building, like desks, display racks, computers, cashier operating systems or heavy machinery.
Reports are due before the last day of February every year. This allows business owners to turn in a detailed depreciation schedule, according to the Bernalillo County assessor’s office.
Owners can use their federal property depreciation schedule to fill out the business personal property rendition report, according to the office.
Federal taxes aren’t due until April, so business owners can use their previous year’s IRS federal tax listing. For the 2023 business personal property report, owners can use their 2022 federal tax listing.
Lara said, in a video explaining the property forms, that turning in depreciation information can help business owners save money. He said it’s in business owners’ best interest to actually report every year, “because they can be actually depreciating and paying less taxes on those amounts.”
Filing these reports in a timely manner and on a regular basis can also help the assessor’s office keep updated business information on file, according to the office.
Lara said the process can be complex, and business owners can go to the assessor’s office for help. They can email the assessor’s office at assessor@bernco.gov, call at 505-222-3750 or visit in person at 415 Silver SW for help.
The business personal property form and more information on how to file it can be found at bernco.gov/assessor. A business personal property valuation manual is also available online for reference.
