Real property consists of real estate and any permanently-affixed improvements, such as buildings.
Personal property consists of:
(a) Furniture, fixtures, machinery, equipment, inventory or any other personal property used in business.
(b) Aircraft and boats/motors owned by any individual or corporation.
Boats and motors are taxed in the county where they are “functionally” located (located in a county in this state for a cumulative period of 184 days or more during the immediately preceding calendar year) for recreational or convenience purposes.
Aircraft are taxed at the location where hangared or tied down and where flights normally originate. Any aircraft having no permanent location are taxable at the domicile of the owner unless they acquire a business location elsewhere.
All tangible personal property of the taxpayer, except motor vehicles, trailers and mobile homes, shall be exempt from ad valorem taxation if the actual fair market value of the total amount of taxable tangible personal property as determined by the Board of Assessors does not exceed $7,500.