How is the Personal Property Assessment calculated?

Your cost information is confidential and not open to public inspection. The original acquisition cost should include any additional charges for transportation and installation. The original acquisition cost less the standard depreciation (as shown on Pages 4, 5, and 6) will determine the depreciated cost. The total depreciated cost times 70% will determine the gross assessment for that particular category of personal property. Include all assets that may have been fully depreciated, written off, or charged to expenses but are still owned. Computerized filings are acceptable as long as all the information is reported in this prescribed format. If more space is needed, then attach additional pages to the Declaration.

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1. Who is required to file a Personal Property Declaration?
2. What must be declared to the Assessor’s Office?
3. What is Personal Property?
4. What are goods, chattels and effects?
5. What are examples of “Personal Property” that I must declare?
6. I just do some work part-time. Do you really think I am a business?
7. How do I complete the Personal Property Declaration?
8. Do I have to file a Personal Property Declaration every year?
9. When do I have to file the Personal Property Declaration?
10. What happens if I file late?
11. Can I get an extension?
12. What if I don’t file the Personal Property Declaration?
13. Does my signature need to be notarized?
14. How is the Personal Property Assessment calculated?
15. How is the original cost determined?
16. What if I don’t remember what I paid for these things?
17. What if I don’t know what these things cost because they were gifts?
18. Can anyone see my Personal Property Declaration?
19. How do I appeal my Personal Property Assessment?
20. What if I sold, closed or moved my business out of Wolcott?