Download Tangible Personal Property FAQ Brochure

Tangible personal property is everything other than real estate that is used in a business to produce income and that has value by itself. It includes such depreciating assets as furniture, fixtures, tools, machinery, household appliances, signs, equipment, leasehold improvements, supplies, and leased equipment. Anyone owning tangible personal property on January 1, who has either a proprietorship, partnership, corporation, or is a self-employed agent or a contractor, must file a tangible personal property return by April 1 each year. Property owners who lease, lend, or rent property must also file. At the beginning of each year, a tangible personal property tax return is mailed to all property owners who filed a return the previous year, applied for an occupational license, started or purchased a business. Failure to receive a return does not excuse a person from filing or the penalties levied on late returns. Tangible personal property returns filed after April 1 carry a penalty of 5 percent per month (up to 25 percent).