March 1 Deadline Reminders

Deadlines for Business Equipment Reporting

Individuals and businesses owning business equipment (as of January 1, 2025) with an aggregate market value of more than $1 million statewide must report the equipment owned by March 1, 2025, to avoid a 20 percent penalty. Business owners can report online with the department’s TransAction Portal (TAP).

Those businesses whose statewide aggregate market value is $1,000,000 or less are exempt from the business equipment tax. These businesses will not have a reporting requirement in 2025 unless:

1. They have acquired new personal property that would increase their equipment’s aggregate market value above the exemption amount; or
2. The department requests a personal property reporting form be completed.

Deadline for Tax-Exempt Organizations

Nonprofit, religious, or charitable organizations and other tax-exempt entities may qualify for a real or personal property tax exemption based on the specific use of the property. If you feel your organization may qualify, please see the documentation requirements for specific exemption types. Applications must be submitted by March 1 to be considered for Tax Year 2025.