Personal Property

Overview

Personal property is primarily class eight property, as described in 15-6-138, MCA, and is assessed on its statewide aggregate market value. A taxpayer's class eight property's statewide aggregate market value is the combined value from all of the taxpayer's personal property locations throughout the state. Values are aggregated by taxpayer ID. 

When the department identifies a parent company with an ownership interest of 50 percent or more in another entity, the personal property market value is aggregated at the parent company level by the parent company's taxpayer ID.

  • Business equipment
  • Furniture and fixtures
  • Agricultural implements and equipment
  • Heavy equipment
  • Mining and manufacturing machinery
  • Drill rigs, and oil and gas field equipment
  • Industrial machinery and equipment
  • All other property not included in any other property class

View detailed Personal Property Equipment Lists

  • Unless otherwise specified by law or administrative rule, the department calculates the taxable market value by applying a trended percent good to the acquired cost of each personal property asset.
  • You can find detailed descriptions of the department's personal property valuation methods in Chapter 42.21 of the Administrative Rules of Montana.

  • Montana exempts the first $1 million of a taxpayer's statewide aggregate market value of class eight property. This is the exemption threshold.
  • The next $6 million of a taxpayer's statewide aggregate market value is assessed at a 1.5 percent tax rate.
  • This is the tax rate adjustment threshold (TRAT). Any remaining portion of a taxpayer's statewide aggregate market value greater than the tax rate adjustment threshold is assessed at a 3.0 percent tax rate.
See the Montana Personal Property Assessment Fact Sheet (PDF, 393 KB) for more details.

Personal Property Depreciation Schedules and Trend Tables

We use the Personal Property Depreciation Schedules and Trend Tables to value taxable tangible personal property.

Reporting Personal Property

Please note: Property that has been fully expensed, or depreciated out, for income tax purposes is still taxable for property tax purposes and must be reported.

Personal property you own, possess, or control at midnight on January 1 may be taxable for that year and must be reported, per 15-6-138, MCA and ARM 42.21.158.

  • March 1 is the personal property reporting deadline each year.
  • Reports not completed or completed after the deadline are assessed a penalty equal to 20 percent of the depreciated personal property taxable market value.

If you reported personal property in the previous year and we determined your statewide aggregate market value is close to or exceeds the $1,000,000 exemption threshold, we will send you a letter in January reminding you to report your personal property through the department's TransAction Portal (TAP).

One of our employees might visit your business, agricultural operation, or field site to make sure our information is accurate and to answer your questions.

  • If reporting personal property for multiple counties throughout Montana, all locations have been combined under one account ID.
  • You will no longer file a separate report for each county where you have property located when reporting online.

Need Help?

Please contact your local Department of Revenue field office. We will work with you to determine if you have a reporting requirement and also guide you through completing a paper reporting form, if you do have a reporting requirement.

Reporting Tutorial Videos

The department has created helpful tutorial videos to assist you in reporting your business equipment on the TransAction Portal (TAP).

Attention New Business Owners and First-time Reporters

You will not be able to report your business equipment using the department's TransAction Portal (TAP) because a Montana Account ID for personal property reporting does not exist for you.

Montana Personal Property Data Report

Special Mobile Equipment Permits

If you own or operate construction, agricultural, or well-boring equipment that’s occasionally moved on Montana highways, see the Special Mobile Equipment Permits page for instructions on decals, fees, and reporting.

Property Tax Refund Application

  • Personal property that leaves the state during the same calendar year might be eligible for a prorated property tax refund.
  • You can get a personal property tax refund form from the field office servicing the county where the equipment was used.
  • You must submit the application to the county commissioners of the county where we assessed the property and where you paid the personal property tax.

Paying Personal Property Tax

  • The elected county treasurer in each county bills and collects personal property tax.
  • The Department of Revenue does not bill or collect personal property tax.