"The salient characteristic of personal property is its movability without damage, either to itself or to the
real estate to which it is attached." Personal property becomes real property only if it is affixed in such a way
that it loses it's original physical character and cannot practically be restored to it's original
Personal property may be leased, loaned, rented, consigned, or owned. The basic categories of personal property are generally: furniture, fixtures, plant equipment, office equipment, machinery, boats, motors, and trailers, aircraft, mobile homes and recreational vehicles.
Oil and gas wells are also considered personal property and a rendition must be turned in by the operator each year.
Owned or leased by a business:
Owned or leased by an individual:
What is market value?
The valuation of commercial personal property begins with the cost of the item. Items are valued according to their historic purchase price when new or the used purchase price and the appropriate economic life of the item is applied. The asset is then depreciated over its economic life to a remaining base or salvage value.
After December 31, 1995, any qualifying item of commercial personal property with original cost of $250 or less is exempt. Please continue to list the items on your rendition as usual and the appraiser's office will determine if the item qualifies for this exemption.
The appropriate economic lives that are assigned to commercial items come from guidelines issued by the State of Kansas, Internal Revenue Service (IRS) publications and Marshall & Swift Valuation Services.
Businesses are also required to report any leased equipment they use. Listing the name and address of the leasing company is very helpful to the county appraiser so the item gets filed under the correct name.
Many personal property items belong to individuals are valued from market data. *Guidelines are provided by the State of Kansas to help establish market value as well as market data that is collected from our region. This market data is then used to establish the current value of a particular item along with it's age and condition. Oil and gas are also valued with the use of a guide published by the State of Kansas.
*Automobiles, light trucks and motorcycles are classed separately by the State of Kansas.
Who needs to list property?
K.S.A. 79-303: "Every person, association, company or corporation who shall own or hold, subject to his or her control, any tangible personal property shall list said property for assessment."
K.S.A. 79-301: "All tangible personal property subject to taxation shall be listed and assessed as of the first day of January of each year in the name of the owner thereof."
Remember: It is your responsibility to file this information with the county appraiser's office. If you own any tangible personal property with the intent to establish and/or operate a business (including a home based business), or if you own any recreational property or vehicles not taxed at the time of registration, or mobile homes not on a permanent foundation, you must file a rendition with the county appraiser's office. The rendition form is available from the Morton County Appraiser's Office located in the County Courthouse in Elkhart.
You may write to P.O. Box 1430, Elkhart, KS 67950-1430 or call 620-697-2106 to receive a rendition. Willena Boaldin, Morton County Personal Property Clerk will be glad to assist you.
Penalty Schedule (Except Oil & Gas) As Required by K.S.A. 79-1422 and K.S.A. 79-1427a.
*Oil & Gas penalty schedule is moved back 15 days for each component of the schedule.
|January 1st - March 1st||None|
|March 16th - April 15th||5%|
|April 16th - May 15th||10%|
|May 16th - June 15th||15%|
|June 16th - July 15th||20%|
|July 16th - March 14th
|March 15th of Next Year||50%|