Business personal property refers to furniture, fixtures, machinery, equipment, and inventory located within businesses. If a business is operational any time between the dates of January 1 and March 1, those items are taxable for that year. All business owners are required to file a rendition by April 1 each year. A penalty of 10% of the assessed value will be assessed on all property owners that do not return a rendition by April 1, as mandated by State law. The appraisal of personal property is based on replacement cost new less depreciation. Personal property is assessed at 15% of appraised value.