Please Read This Carefully!
Wisconsin law requires every person, firm, or corporation owning or leasing business personal property to file a Statement of Personal Property by March 1st on an annual basis.
If you fail to file the return, the assessor is required by law to estimate an assessed value for taxable personal property associated with the business. You forfeit any right of appeal if you fail to file the return.
Each December, a number of personal property tax payers request changes in their tax bills claiming incorrect assessed values. In some cases, they request cancellation of the entire tax because the business has moved, ceased operations, or has been sold. However, in almost every case it is too late to correct valuation issues for property owners at tax bill time.
If you neglect to file, the Statement of Personal Property timely or fail to report your business ceased operations, it is virtually guaranteed the assessor's estimated value will be incorrect simply due to insufficient information. There is no legal appeal remedy if the return is not filed before the Board of Review closes.
How to Eliminate Personal Property Confusion
1. If your business is in operation as of January 1, 2018:
Avoid an incorrect estimated assessed value. Please file your Statement of Personal Property accurately and completely by March 1, 2018 if your business owns or leases property located in this municipality.
2. If your business is not operating as of January 1, 2018:
- if your business ceased operations and is no longer in business
- if your business sold to another owner still operating in this municipality
- if your business moved out of this municipality, but is still operating
- if your business re-incorporated under another name
Please file a final Statement of Personal Property by March 1, 2018 to avoid a potentially incorrect estimated assessment. Simply complete the portion of the return relating to changes of ownership or business status. This will give us the information needed to change the business ownership or properly cancel your account if necessary.
Note: Even if your business has ceased day to day operations: Business related personal property owned or leased by the business is taxable if it remains in the municipality as of January 1, 2018.
3. If you are a Leasing Company:
Your company may have prior year lease accounts that are now expired. We have no way of knowing that your accounts are closed unless you tell us. Therefore, even if all your lease accounts in 'our municipality no longer exist, file a final Statement of Personal Property by March 1, 2018 to avoid estimated assessments. Just attach a short note telling us that all leases in this municipality are closed. It requires far less effort and cost to inform us of lease status changes than to attempt cancelling an estimated assessed value or tax after the legal appeal period is closed.
Types of Electronic Files
We will accept an email of the completed forms you received by regular mail. There are two types of forms you can use.
Statement of Personal Property (PDF Format)
Schedule F-1 - Exempt Leased Computer Equipment & Software (PDF Format)
Statement of Personal Property (Excel Format)
Schedule F-1 - Exempt Leased Computer Equipment & Software (Excel Format)
Complete and Email the form to the Assessor's office or send to 2000 N Calhoun Road, Brookfield WI 53005.
Our office must receive the completed form by Monday, March 1, 2018.
Need Further Assistance
Contact us at (262) 796-6649 or via Email.