Statement of Personal Property PA-003 Instructions
Section 70.35, Wisconsin Statutes requires every person, firm or corporation owning personal property used for business purposes in industry, trade, commerce or professional practice to submit a Statement of Personal Property to the City Assessor annually on or before March 1st. Personal Property includes all goods, wares, merchandise, chattels and effects of any nature or description, having real or marketable value, not included in the term “real property”. Exempted personal property is described in Section 70.111, Wisconsin Statutes.
If you do not file, the assessor will estimate your property’s value using the best information available. You will also be denied appeal rights with the Board of Review. The owner, or agent of the business must attest that the information on the statement is true. False information or omissions of property with the intent of avoiding a just and proportionate tax shall subject the owner to a forfeiture of $10 for every $100 withheld. Incomplete statements will not be accepted. Personal property statements are subject to audit.
If the business was sold or closed prior to January 1, 2023 you must do the following to ensure removal of your account from the assessment roll: Complete the “Property Owner and Property Information” and “Preparer and Owner Information/Signature” sections on page one of the Statement of Personal Property form. Indicate the type of status change and effective date. If the business was sold provide the name and address of the new owner. It is the responsibility of the business owner to notify the assessor of mailing address or account status changes.
First Year Filers: Prior to filling out the form, it may be helpful to make a list for your own records of all your business personal property noting the year acquired and cost/value for each item. Assets fully depreciated and written off for income tax purposes must still be reported. The Personal Property Statement is a reporting of all assets regardless of age. Group items by the categories outlined in the Schedules. You can then use this list as a reference in subsequent years for your additions and disposals. Keep a copy of the Statement you file as it will help you prepare the next year’s Statement. The amounts reported should remain the same for each corresponding Acquisition Year aside from additions and/or disposals.
Step 1. Complete Property Owner and Property Information Section.
Please note the business name and mailing address in the blank box immediately above this section. The FEIN is your Federal Employer ID number. The NAICS code can be found online at the U.S. Census Bureau's NAICS page. If your business was discontinued, moved or sold, please fill in this section completely with new owner information if applicable.
Step 2. Complete Schedules B thru H that are applicable to your business.
Schedule B is for reporting boats and watercraft not exempt.
Schedules D, D2 - follow these instructions to properly complete the schedule:
- In Column 2, enter the total cost of the new and used items you purchased/acquired on the line that corresponds to the year the items were obtained.
- Column 3 is used to account for any additions, deletions or transfers of assets. If you dispose of or transfer an item, use column 3 to deduct the original cost of that item on the line from the year it was acquired. If you transfer an item from a different location to the current location, report this in column 3 as an addition at its cost on the line for the year it was originally purchased/acquired.
- Column 4 is used to reflect the net original cost reflecting any additions or disposals. If there were no additions or disposals during a given year, column 2 and column 4 will be the same.
- Multiply Column 5 by Column 4 and enter this amount in Column 6. This is the assessable amount.
- Enter the Total of the entries in column 6 for each Schedule on the last line of column 6.
Schedule D List all furniture, fixtures and equipment such as office, store and professional furniture, fixtures and equipment, business and professional libraries and other assets related to the operation of the business. Taxable items include desks, chairs, tables, cabinets, coolers, utensils, instruments, safes and scales.
Schedule D2 List all multifunction fax machines, copiers, telephone systems, X-ray imaging machines, photo processors, cameras, satellite dishes and other taxable computerized equipment owned by the business. For detailed information see the Department of Revenue computer exemption guidelines.
Schedule E is only for businesses with buildings on leased land.
Schedule F should include all items that are leased. In most cases, the lessor (owner of the property) is responsible for filing the personal property form, however, reporting is required and the schedule is utilized by our office for auditing purposes.
Schedule G includes items which are not subject to resale by the taxpayer but are necessary to conduct business. Most businesses have expendable goods for operations such as office supplies, janitorial, shipping, paper products, medical/dental, barber/beauty shop supplies, etc. Enter the typical monthly expense or divide the yearly expense by 12.
Schedule H. Signs are reported in this schedule. Leasehold improvements are alterations, additions or improvements made by a tenant to a leased premises. Enter Acquisition Year in Column 1, the asset description in Column 2, and cost in Column 3. Asset lifespan and conversion factors can be determined by visiting the following links:
Step 3. Complete Schedule A.
This is the summary of the totals from the other schedules and should be completed last. There is a notation at the end of each schedule with instruction on where to enter the Total in Schedule A.
Step 4. Complete the Preparer and Owner Information/Signature section.
The current owner’s name must be included. The owner and/or agent must sign the Statement of Personal Property form. Keep a copy of the completed statement for your records.
Step 5. Submit the completed form.
- Email: [email protected]
- Mail: City Hall, 200 East Wells Street, Room 507, Milwaukee, Wisconsin 53202
Avoiding Double Assessments
Businesses classified as Manufacturers under sec. 70.995, Wis. Stats.: Personal Property classified as Manufacturing and assessed by the Department of Revenue should be submitted to the Department annually by March 1 on form PA-750 P, which can be found on the DOR website at the link below, as a paper form as well as an E-Filing option. To avoid being assessed by both the DOR and your local assessor, please do not file Personal Property classified as Manufacturing on form PA-003.
Telco Companies: Personal Property submitted to the Department of Revenue annually by March 1 under sec. 76.83, Wis. Stats. as Telco Personal Property should be filed on form PA-751 T-P, which can be found on the DOR website at the link below. To avoid double assessments, Telco Personal Property should not be additionally submitted to the local assessor on form PA-003.