Personal Property is assessed as of January 1 of each year by the Commissioner of the Revenue. The assessment must be done using a recognized pricing guide. Franklin County Commissioner uses the Loan Value in the January issue of the National Auto Dealers Association pricing guide.

The following kinds of personal property are taxed: personal vehicles, business vehicles, motor homes, motorcycles, trailers, campers, boats, airplanes, mobile homes, machinery & tools and business personal property as well as Merchants’ Capital.

If applicable, a business personal property return must be filed by May 1 of each year to avoid a late filing penalty of 10% of the tax due or $10.00 whichever is greater not to exceed the amount of tax.