Tangible Personal Property
Tangible Personal Property (TPP) relates primarily to businesses. TPP is, basically, everything that is not real estate used in a business. Tangible Personal Property 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 (proprietorships, partnerships, corporations, self-employed agents, contractors, etc.) must file a Tangible Personal Property return by April 1 each year. Property owners who lease, lend or rent property must also file on the same date.
We attempt to assist in the filing of the TPP returns at the beginning of each year by mailing a Tangible Personal Property return to all property owners who filed a return the previous year, applied for an occupational license, started or purchased a business.
Tangible personal property returns filed after
April 1 carry a penalty of 5 percent per month (up to 25 percent).
New
for 2008. Important!
You must file a 2008 Tangible Personal Property Tax Return to be eligible for the $25,000 tangible personal property tax exemption. The return serves as your application for the exemption.
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