PERSONAL PROPERTY

PERSONAL PROPERTY
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PERSONAL PROPERTY

A prepared statement of Personal Property is mailed annually by the Assessor’s Office, typically in late December, to businesses operating in the jurisdiction of the City of Wisconsin Rapids. State of Wisconsin statutes mandate that businesses complete and file form PA-003 with the Assessor’s Office on or before March 1 of each year.

Personal Property is a self-reporting form. New accounts are established upon discovery through field work, advertising, personal contact, referrals, etc. On occasion, a business may operate without our knowledge. If you are operating a business in the City and didn't receive a form from the City of Wisconsin Rapids, or if you are unclear on the requirements, please contact the Assessor's Office at 715-421-8230 or email assessoroffice@wirapids.org. General filing instructions are attached - click here for instructions.

Filing Requirements:
Who must file? Every person, firm, or corporation as defined in Section 70.35 Wis. Statutes receiving from the assessor a return of personal property, must submit the return to the assessor on or before March 1. This return is confidential and is not available for public inspection.

Failure to file. If you fail to file, the assessor must estimate the value of your property using the best information available. In addition, you shall be denied any right of abatement by the board of review, under Section 70.35(4), Wis. Statutes.

Under state law (sec. 900.001(4)(b), Wis. Stats.), if a deadline falls on a Sunday or legal holiday, taxpayers may file documents with the municipality on the next day that is not a legal holiday.

Items electronically filed, faxed, received by mail, or postmarked on March 1 are considered timely under the law for filings of the PA-003 and PR-230.

Tax Exemption Form, PR-230, can be accessed by clicking on this link: Property Tax Exemption Request. It is the responsibility of the taxpayer/business owner to complete and return form PR-230 to the Assessor's Office on or before March 1 in order to be considered for exemption status.

2018 Personal Property Filings -- Important Changes

The recently enacted Wisconsin Budget Bill eliminated reporting Schedule C & D-1 assets effective with the 2018 Statement of Personal Property. The exemption covers assets reported on Schedule C: machinery, tools and patterns; and Schedule D-1: computers, software, single function fax machines and cash registers.

Assets previously reported on schedule C and/or D-1 and any new purchases made from January 1, 2017 to December 31, 2017 in those categories, should NOT be reported for 2018.

If you are unsure if a new purchase(s) falls under the newly exempt categories, attach an asset listing (asset description, date purchased, cost), and the Assessor’s Office will help make a determination, based on State of WI guidelines.

Assets previously reported on other schedules or assets estimated on schedule A, can’t be transferred to a schedule that doesn’t exist (schedule C & D-1).
Historically, if an asset was reported on a taxable schedule but you now believe it is exempt, send an asset listing with the completed statement so a determination may be made. You will be notified of the determination.
If you received a 2018 Statement and the only assets owned on January 1 are exempt (schedule C &/or D-1), please sign, date and return the form (mail, email or fax) with a note or indication on the statement of that fact. Reasons for returning a form with a $0 value are: 1) Provide confirmation that new, taxable assets weren’t purchased, and 2) Ensure a business is not assessed with an estimate of value due to the non-return of a statement.