Unlike real property, business and/or personal property is appraised annually. The owners of all businesses and owners of miscellaneous personal property must file a property statement each year detailing costs of all supplies, equipment, and fixtures at each location. This is required unless the Assessor's Office notifies the business owners that they are on a direct billing system. Business inventory is exempt from taxation. Mobile equipment (tractors, racing cars, etc.) is taxable, regardless of whether or not it is used in a business. House furnishings are also taxable when used in a short-term rental.