Personal Property

If you own a business you are assessed on your personal property, which is your tangible assets (Furniture, Fixtures, Machinery, Equipment, and Inventory). The assessment on personal property is based upon replacement costs less depreciation. Personal Property is assessed at 15% of true value. This process is done on a yearly basis. The owner is responsible for returning a yearly rendition report and changes in ownership. A mandatory 10% penalty is applied every year there is not a rendition received as mandated by MCA §27-35-45.

Tax Lien Date January 1 up to March 1 all property is to be reported as of this date.

The renditions are due by April 1.

All Freeport filing should be filed by March 31. (They can be post marked March 31.) Freeport Warehouse Forms.

A listing, Depreciation schedule, etc. of furniture, fixtures and equipment owned and/or leased in Forrest County by location, description, original year new and original cost new is required to be attached.

Per Section 27-35-45 a Penalty for failure to list personal property for taxation. (Miscellaneous on Tax Bill)

Per Section 27-35-1 Method of Reporting Inventory.

Inventory is to be reported as of the tax year or the average monthly inventory during the preceding twelve (12) months from “January 1 of each year…”

Documentation of inventory is REQUIRED along with the rendition.

Business personal property not owned by the taxpayer (leased and/or consigned), but in his charge as lessee, executor, administrator, trustee or otherwise, is to be reported by the person having same in charge and separate lists reported for each person.

Any information shown on the rendition form incorrectly should be corrected showing date when changes occurred. If you have acquired or disposed of any items of business personal property during the previous year, list these items on the back of the form.

The rendition is to be returned to the Tax Assessor’s Office, DUE BY APRIL FIRST.

Renditions must have a signature of the person preparing it. The renditions don’t have to be notarized nor do they have to be signed in the presence of a Deputy Tax Assessor.

Mailing Address:

• Email Address: personalproperty@co.forrest.ms.us

• Pursuant to Rule 6, Section C, Person Property Standards, Mississippi State Tax Commission, “Each County is required to physically review and verify at least 25 percent of all person property accounts annually. In each subsequent year, an additional 25 percent of the person property accounts shall be physically reviewed and verified.”
• The Forrest County Tax Assessor’s office is in the process of reviewing business personal property accounts. The appraiser will visit the business and/or set up a time to review the listing with you or a responsible party at the business location in Forrest County.
• The Tax Assessor Office has the true value of your personal property for the year ready after the first Monday in July.
• If you have justifiable cause and supporting evidence to indicate that this value does not reflect the true value, a representative of this office will be available to discuss the valuation with you and review the supporting documentation.