Completing your Personal Property Listing for New Businesses Each year, the Department of Revenue (DOR) provides us with a list of businesses that completed a Master Application.   Reasons for filing a Master Application with the state may include: opening a new business changing ownership adding a license/registration to existing location registering/changing a trade name reopening a business changing or opening a new location hiring employees. Because your business is included on this year's list, you are receiving this form.  The purpose of the form is to obtain information needed to include your business on the King County assessment roll.   In Washington State, business personal property is assessable for tax purposes unless otherwise exempt.   Taxable business personal property includes (but is not limited to): office machinery and equipment as well as supplies and materials which are not held for sale or do not become an ingredient or component of an article being produced for sale.  Furniture and fixtures in commercial use, leased equipment, certain leasehold improvements, lessee-owned improvements on public land and commercial vessels not subject to excise tax also are assessed and taxed as personal property.  Additionally, agricultural machinery and equipment, manufacturers', contractors' and logging machinery and equipment also are assessable as personal property.  A more complete listing of the categories of taxable personal property is available on our Forms page.  Please complete your form by providing the business-related information requested on the front of the form.  On the back of the form, please list assets you use in your business on January 1 of this year.  This listing should include the year you acquired the asset.  Also provide the asset's cost in the appropriate column. For example, a business purchased these assets: Computer in 2005 for $2,000 Software in 2007 for $500 Table in 2001 for $500 4 chairs in 2000 for $300 Alarm system in 2006 for $700 Cash register in 2000 for $250 Manufacturing equipment in 2004 for $127,300  These assets would be listed on the form like this: Year Purchased Computer Equipment Cost Machinery & Equipment Cost Furniture & Fixtures Cost Software Cost Office Equipment Cost Other Asset Cost(s) 2007     $500     2006    $700       2005  $2000         2004    $127,300         2001    $500       2000      $300   $250   Also, please provide an average monthly supply cost. If your business is in a leased building and you have made improvements to the building, these also may be assessable as building improvements. Examples of building improvements include items such as: drapes, racks, sinks, wall coverings, carpets and rugs. A more complete listing of the types of building improvements assessable as business personal property is available on our Forms page. If you are a home-based business, please keep in mind that any assets used in your business are assessable for personal property tax purposes at the time the assets are physically brought into the business regardless of the amount of time the assets are used for business and personal purposes. Please be sure to provide a person’s name and phone number we can call if we have any questions. We use the information you provide in preparing our annual assessment roll. The assessment roll is used to generate personal property tax bills. Tax bills for assessments made this year will be mailed next year. If you would like more information about the business personal property assessment process, please visit the Business Personal Property Assessments page of our web site at www.metrokc.gov/assessor.   Update Date: December 7, 2007 King County | Department of Assessments | News Services | Comments | Search Links to external sites do not constitute endorsements by King County. By visiting this and other King County web pages, you expressly agree to be bound by terms and conditions of the site. The details.