LAUDERDALE COUNTY, Miss. (Queen City Newsfeed) – Lauderdale County Tax Assessor Whitney G. Hodges is reminding local business owners to render their assets to the Assessor’s Office before April 1st to avoid a 10% penalty. The deadline for filing is quickly approaching, and businesses that do not submit their asset lists by this date will face additional charges.
The Lauderdale County Assessor’s Office is located at the Lauderdale County Government Center at 612 22nd Avenue S, Meridian, MS 39301. For more information, or to submit assets, business owners can contact the office at 601-482-9779 or email [email protected]. The mailing address for submissions is P.O. Box 687, Meridian, MS 39302.
Personal Property Tax Information
Personal property tax applies not only to real property but also to personal property used in the operation of a business. While most personal property owned by individuals is exempt, property used for income production is subject to taxation. Items such as furniture, fixtures, machinery, and inventory are all considered taxable assets, while household goods and personal effects used solely for personal purposes are not taxed.
Personal property is taxed based on its true value, calculated using the original cost or purchase price, multiplied by an industry multiplier to bring it to the current cost of the item. Depreciation is then applied based on the age of the asset.
Business owners should list their assets, including furniture, fixtures, machinery, equipment, and inventory, along with the year of acquisition and the original cost of each item. If an accountant prepares an annual federal income tax return, a federal depreciation or fixed asset report can be submitted in place of a detailed asset listing.
In addition to typical business property, inventory such as products for resale, raw materials, and ingredients used in food preparation are also subject to taxation. Consigned goods, floor plan inventory, and leased equipment must be listed separately, including the names and addresses of the lessors or vendors.
For More Information
For further assistance, business owners can call the Lauderdale County Assessor’s Office during regular office hours, Tuesday through Thursday, from 9 a.m. to 4 p.m. More details are available online at www.lauderdalecounty.org.
Business owners are urged to submit their asset listings before April 1st to avoid a 10% penalty.
