• Proof of assets for an insurance claim or policy change
• Asset based lending
• In preparation for having a discussion with your Financial Planner/Advisor
• Correct valuation of Personal Property for your quarterly Taxes from your Town
• Asset Validation associated with a legal or Partnership change
• Gaining control and structure to your key business information

Fees 

• $50 - $100/ hour depending on circumstances
• Special rates for large inventories and extended jobs
• Annual update service: $150 - $500, depending on size of inventory
• Video with comments.  $100 - $250

Fees may change without notice, however, we make every effort to inform you when discussing fees.

§ Source: Personal Property FAQ's http://www.mass.gov/?pageID=dorterminal&L=3&L0=Home&L1=Individuals+and+Families&L2=Municipal+Information&sid=Ador&b=terminalcontent&f=dls_ptb_faqpp_faqpp&csid=Ador

1. The boards of assessors in each city and town assess personal property taxes on all personal property subject to tax situated within their communities as required by Chapter 59 of the Massachusetts General Laws. While personal property is generally taxable, a number of exemptions apply based on specific factors, including entity status of the owner, type of property and use of the property. For example, a "household furnishings" exemption makes individuals' personal effects at their domicile (primary residence) exempt from local personal property taxes. The tax is calculated by multiplying the assessed value of the property by the personal property tax rate of the city or town. Personal property is assessed separately from real estate.
2. Personal property generally includes tangible items that are not firmly attached to land or buildings and are not specially designed for or of such a size and bulk to be considered part of the real estate. This includes merchandise, furnishings and effects, machinery, tools, animals and equipment. Such personal property will be taxable unless a specific exemption provision applies.
3. All personal property situated in the commonwealth is subject to tax, unless specifically exempt by law. See Massachusetts GL c. 59, §2. Property is situated in a particular city or town in the commonwealth if it is present on January 1 with the owner's intention that it remain with some degree of permanence. Property that is frequently moved from place to place or intended for use temporarily at different places is considered situated where the owner is an inhabitant or has a principal place of business (if the property is business personal property). A primary example of exempt property involves household furnishings and effects. Such household personal property at a persons domicile (primary residence) is expressly exempt from personal property tax. GL c. 59, §5, cl. 20. This exemption does not apply to such property located at a second home.

4. The community in which the property is situated on January 1 has the authority to assess the personal property tax under GL c. 59, §18. If the property has established no particular situs, the city or town in which the owner resides (or has a principal place of business for business personal property) has the authority to assess the tax. Commercial airplanes and other taxable transportation machinery is assessed by any community in which the machinery is present on a temporary basis at any time during the year, but the tax must be fairly apportioned based on the time the property is present in the community. GL c. 59, §18, Second A.

5. The owner of the property as of January 1 preceding the fiscal year is generally the person assessed the tax, under GL c. 59, §18 & 18, First. In the case of machinery or tangible personal property leased for profit, the tax may also be assessed to the person in possession, under GL c. 59, §18, Second. Personal property of a deceased person may be assessed to the estate or executor. GL c. 59, §18, Third. Jointly owned property may be assessed to one or more of the owners. GL c. 59, §18, Fourth. Partnership property is assessed in the partnership name. GL c. 59, §18, Sixth.

6. Generally, the owner of taxable personal property situated in any community must file a return, known as the Form of List or State Tax Form 2 , with the local board of assessors of that community on or before March 1 prior to the fiscal year to which the tax relates, listing the taxable property. An owner of furnishings and effects at a residence in Massachusetts that is not the domicile of the owner, such as at a summer residence or weekend getaway, must file Form 2HF   listing those furnishings and effects. Charitable organizations seeking exemptions under GL c. 59, §5, cl. 3 must file a list of property exempt from taxation on Form 3ABC . Fiscal years run from July 1 through June 30 of the following year. The return must provide a list of taxable property situated in the community on January 1 prior to the March 1 filing date. For cause shown, the board of assessors may extend the filing deadline up to 30 days after the mailing of the tax bill. See GL c. 59, §29. The list of property is filed under oath. GL c. 59, §31. It is confidential and cannot be disclosed to anyone except persons who need to see the information to perform necessary duties in the office of the assessors and the department of revenue and to anyone specifically authorized by court order. GL c. 59, §32. Machinery, poles, wires, underground conduits, wires and pipes owned by telephone and telegraph companies as of January 1 are reported to the Commissioner of Revenue on Form 5941  on or before March 1. See GL c. 59, §41. Also, pipelines over 25 miles in length owned by oil or gas pipeline companies as of January 1 must be reported to the Commissioner of Revenue on or before January 31 prior to the fiscal year. See GL c. 59, §38A. The Commissioner certifies the telephone and pipeline values to the local assessors and the taxpayers, as set forth in the Answer to Question 24. The owner must properly identify and describe the property, including make and year of manufacture, and further provide the original cost and date of acquisition. The owner does not have to include an estimate of value. If an owner has no taxable personal property, no return is required. However, if the owner has any property ordinarily subject to tax, regardless of the value, it should be reported to the local assessors as described. Some communities have adopted a local option provision that exempts property of an owner if the total value is less than a minimum amount, which can be no more than $10,000. The owner is still expected to file the return, reporting the original cost and year of acquisition, but the local board of assessors will determine the value of the property and whether the exemption applies.

7. The lessor of taxable personal property subject to a true lease is the owner for reporting purposes. A true lease is one in which the lessee must return the property at the end of the lease or may purchase the property at fair market value at the end or at any time during the course of the lease. The lessee of such property subject to a finance lease (installment sale) is ordinarily considered the owner for reporting purposes. A finance lease is generally one where the property is leased for a period of time less than the useful life of the item and is or may become the property of the lessee at the end of the lease for a nominal sum.

8. Boards of assessors are legally required to identify and value all taxable property in the community, even if an owner fails to file a return or does so in an untimely manner. GL c. 59, §36. If no return is filed, the owner will be barred from any appeal to the Appellate Tax Board on any tax assessed. If the form is filed late; i.e., after its due date or after the date of any extension to file, up to 30 days after the bill is mailed, the owner will be limited in any remedy to seek abatement. In such case, the person or legal entity assessed will be unable to reduce any overvaluation below 150% of the actual value of the taxable property, unless the owner demonstrates to the assessors a reasonable excuse for the delay. See GL c. 59, §61.

9. The primary exemption for individuals is for household furnishings and effects at the person's domicile. GL c. 59, §5 cl. 20. This includes the personal property kept in or about the house or garage. The domicile of a person is the place he or she calls home and intends to return to when away. Determination of domicile often requires an analysis of several factors, including where the person is registered to vote, completes a census, registers an automobile and has community ties. Individuals are also exempt on simple farming utensils, tools of trade of a mechanic and boats, fishing gear and nets valued at $10,000 or less of a fisherman engaged exclusively in fishing. Farming utensils include hand tools and simple mechanical devices but not machinery, such as tractors, combines, balers and the like, which are considered machinery. Tools of trade of a mechanic are hand tools, including hand-held electrical devices used in the vocation of the owner, but not lathes, table saws, routers and other machinery generally bolted to or resting on the floor for support. A mechanic is a tradesman, such as a plumber, electrician, and carpenter or auto mechanic and does not include a professional, such as an accountant, lawyer, dentist or doctor.