William Raveis Real Estate
William Raveis Real Estate
Jamie Dee Frontiero, William Raveis Real EstatePhone: (603) 205-4705
Email: [email protected]

Personal tangible property taxes: A basic guide for home & business owners

by Jamie Dee Frontiero 03/06/2022

Personal tangible property is a tax term referring to physical property used in running your commercial or rental business. While general property taxes concern the actual land and buildings, personal tangible property taxes are related to equipment, furnishings, vehicles and more. If you own a business or rental property, it's important to understand how these taxes work. Here is some basic info to know:

Examples of tangible personal property

Tangible personal property is any asset used for your rental or commercial business. To qualify as tangible personal property, the assets must have a physical existence. Therefore, important assets like copyrights or patents do not count. Here are some examples of common forms of tangible personal property:

  • office furniture
  • equipment and machinery
  • computers, cell phones and other digital devices
  • delivery vehicles

Some other examples of tangible personal property can include:

  • jewelry
  • collectables
  • sports & hobby memorabilia 

How tangible personal property is taxed

Tangible personal property is taxed in a similar way to land or building property. Landlords and companies must determine the value of their business assets and report them in a separate tax return. Depending on the state, the value might be dependent on the purchase price, assessed value or appraisal. Assets are taxed based on a percentage of their value. Depending on the asset, you may have to pay taxes on personal tangible property annually or only once.

If you're a property or business owner, it's important to be aware of what qualifies as personal tangible property. If you're not sure if your assets qualify, you can consult with your local tax authority to find out the specific requirements of your state and municipality.

About the Author
Author

Jamie Dee Frontiero

In today's dynamic Real Estate Markets property presentation has become incredibly important so to ensure every home-for-sale looks stunning online & in person, Jamie provides Professional Staging & Photography services, at no cost to her sellers. Year after year Jamie's listings attract the strongest buyers, sell in the shortest time possible & for the most money!

If you're looking to make a change in residence & would like to experience a well-managed & successful real estate transaction, Jamie would be delighted to hear from you and honored to represent you!