You are required to notify the County Assessor's Office and the Office of the Tax Collector at least 48 hours prior to the closure or sale of the business. The 2024 business personal property listing form and instructions is for any individual(s) or business(es) owning or possessing personal property.Both the seller and purchaser of a group of assets that makes up a trade or business must use Form 8594 to report such a sale. A form 8594 needs to be completed and both the seller and buyer need to attach this to their respective tax returns for the year of sale. The three main elements of the property tax system in North Carolina are real property, personal property, and motor vehicles. Use Form 4797 to report: The sale or exchange of property. The involuntary conversion of property and capital assets.