Business Personal Property
DUE DATE - MARCH 1
Annual acquisition costs for any personal property used for business purposes must be reported to each Town, Village or City in Wisconsin on or before March 1 of that year under Wisconsin statute.
The Statement of Personal Property - PA003 (Fillable PDF) is prescribed by the Wisconsin Department of Revenue as the preferred method or reporting in most cases. Separate reporting may supplement this return, including that for leased equipment and leasehold improvement cost itemizations.
The personal property tax has been a part of the General Property Tax code since Wisconsin became a state in 1848.
In the beginning, it included taxes on everything everyone owned or used. Over the years, most kinds of personal property have been exempted by statute including personal household possessions, certain farm and manufacturing property and property owned and used by a growing list of exempt organizations such as the YMCA, Fraternal societies and hospitals.
Today it could best be called the business personal property tax, because the tax has largely been restricted to property used in for-profit activities.
For purposes of the business personal property tax, this includes the actual physical “items” you use in the daily operation of your business, including furniture, fixtures, machinery, equipment, electronics, leased equipment, supplies, signs, boats and all remodeling costs NOT paid for by your landlord.
If it benefits you in your business operation and you would have to buy it or pay for it if you needed it, than it is included in the business personal property tax. This does not include stock-in-trade or computers, software and computer peripherals.