Personal property taxes are levied on business furnishings and equipment that you report to the Chester County Assessor each year.
The Assessor furnishes a schedule to each business owner no later than February 1 of each year. Included on this schedule is a detailed list of all tangible personal property owned by the business. The Assessor determines the value of your personal property based on the information supplied.
It is the duty of the taxpayer to fully list tangible personal property, including other information required by the Assessor, to place a correct value on the property, and to sign and return the schedule prior to March 1, of the same year. If the schedule is not returned to the Assessor by the due date a forced assessment is given.
Anyone in business on January 1st of any given year is responsible for the entire year's tax, even if they ceased operations prior to December 31st of that same year.