Machinery & Tools

Machinery and Tools (M & T) are limited to property used directly in manufacturing, mining, water well drilling, processing or reprocessing, radio or television broadcasting, dairy, dry cleaning and laundry businesses. The property is assessed at various percentages of the total capitalized cost, excluding capitalized interest, depending on the year of acquisition.

Eligibility Requirements

  • A Business Classification Information (BCI) sheet must be completed to determine eligibility for the M & T tax rate.
  • A detailed itemized list must be included with the return. Report all assets that have been sold, deleted, disposed of or idle.
  • Processing businesses will be required to file a Return of Business Tangible Property Form as well.

Taxes

  • Machinery and Tools taxes are not prorated and must be filed on or before March 1 of each year, to avoid a 10% late filing penalty.
  • Tax bills are mailed after processing and are to be paid on or before June 5 to avoid 10% late payment penalties and interest at a rate of 10% per year.  

Tax Incentive

  • M&T taxpayers operating within Technology Zones may qualify for certain rebates and other tax incentives.

Forms