This levy applies to tangible items owned by businesses and individuals, encompassing equipment, machinery, furniture, and supplies. For instance, a company’s manufacturing equipment or a retailer’s inventory would be subject to this assessment. Residential taxpayers are generally exempt from this tax on household goods and personal vehicles, which are instead subject to different registration and excise taxes.
Revenue generated through this assessment provides crucial funding for essential public services at the local level, supporting schools, libraries, and public safety initiatives. Historically, this form of taxation represented a significant source of local government revenue. While its relative importance has shifted over time due to changing economic landscapes and evolving taxation policies, it continues to play a role in sustaining local communities and vital services.
