Lease of Equipment as Personal Property is a type of financial contract between a lessor (owner) and a lessee (user). It is most commonly used when a business needs to acquire equipment or machinery that it cannot purchase outright. In this situation, the lessor agrees to rent out the equipment to the lessee for a specific period of time. The lessee is then responsible for making regular payments to the lessor for the duration of the lease agreement. There are two primary types of Lease of Equipment as Personal Property: capital leases and operating leases. Capital leases involve the transfer of ownership of the equipment to the lessee at the end of the lease period, while operating leases allow the lessor to retain ownership of the equipment. Both types of leases involve the lessee making regular payments to the lessor over the course of the lease period. Additional terms and conditions of the lease agreement may include the lessee's obligation to maintain and repair the equipment, as well as the lessee's responsibility for any taxes or fees associated with the lease. The lessor may also require the lessee to provide insurance coverage for the equipment.
Lease of Equipment as Personal Property
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FAQ
Personal property as defined in sec. 70.04, Wis. Stat., includes all goods, wares, merchandise, chattels, and effects, of any nature or description, having any real or marketable value and not included in the term ?real property?.
Personal property includes all goods, wares, merchandise, chattels, and effects having any real or marketable value and not included in real property. The assessment date for both types of property is January 1 every year.
Personal property can be characterized as either tangible or intangible. Examples of tangible personal property include vehicles, furniture, boats, and collectibles. Stocks, bonds, and bank accounts fall under intangible personal property.
Types of Personal Property Tangible personal property is personal property that can be felt or touched. Tangible personal property in general (not just for businesses) includes furniture, equipment, vehicles, household goods, collectibles, and jewelry.
Under Wisconsin statute, ?personal property? includes all goods, wares, merchandise, chattels and effects of any nature or description having any mercantile value and not included in the term ?real property?, excluding your personal possessions reserved for personal use.
Any movable thing or intangible item of value that is capable of being owned by a person and not recognized as real property. Synonymous with chattel.
Each jurisdiction that collects personal property taxes, taxes the owner of the equipment. Lease Services is the legal owner of the equipment under the lease agreement. Under the terms of the lease agreement, the lessee agreed to reimburse Lease Services for any such taxes paid on the leased equipment.
Common Exemptions Household furniture, apparel and motor vehicles. Manufacturing machinery specific processing equipment approved by the Department of Revenue. Livestock, inventories, and merchant's stocks. Computers and electronic peripheral equipment.