April 2, 2025 - Each business must itemize all personal property, with acquisition price and date, and depreciate it according to the appropriate schedule, to determine their taxable base. We can see how this works by looking at the fairly typical case of the District of Columbia. In D.C., there are different schedules or sub-schedules for (1) reference materials; (2) furniture, fixtures, and machinery and equipment; (3) motor vehicles not registered in D.C.; (4) miscellaneous tangible personal property; and even (5) supplies.

April 29, 2025 - Fourteen states broadly exempt tangible personal property from taxation, while another 12 impose taxes on TPP but offer de minimis exemptions to avoid unduly burdening businesses with only a small amount of potentially taxable property.

April 2, 2025 - A narrow tax base is non-neutral and inefficient. A broad tax base reduces tax administration costs and allows more revenue to be raised at lower rates. has declined from 11.27 percent to 9.98 percent from 2006 to 2017.

November 13, 2025 - This includes property that can be touched, moved or consumed and excludes real or intangible property. Tangible personal property taxes are typically assessed at the state level, though they may be dictated by county, city or local municipality.

September 22, 2025 - All 50 states tax real property, but only 43 tax certain tangible personal property. If your company has personal property in multiple states, you’re responsible for submitting returns in every county where you have an obligation.

April 8, 2025 - Tangible personal property is a tax term describing personal property that can be physically relocated, such as furniture and office equipment. It is taxed by states.

Per State Board of Equalization (SBOE) Rule 0600-05-.01(15), total acquisition cost is defined as the full acquisition cost new of personal property and includes freight, installation, set-up, and sales tax. For property purchased as used, if the cost new or year the property was new is not known and cannot reasonably be determined, you may report the actual acquisition cost to you for the year you acquired the property. The tangible personal property schedules are mailed by February 1 by the county assessor to each business operating in the county.

August 29, 2023 - While some states, such as Illinois and Ohio, do not impose personal property taxes at all, others, such as Vermont and Kansas, do. Still, some other states only apply personal property taxes on certain types of property, like vehicles.

It is available only to the assessors ... the tax laws. ... In general, all tangible personal property situated in Massachusetts and all tangible personal property owned by Massachusetts domiciliaries is taxable unless expressly exempt....

Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property. Retailers’ occupation and use taxes apply when tangible personal property is sold at retail to be used or consumed in Illinois.

In the United States, there are 39 states, including Georgia, that have an ad valorem personal property tax. 2. What is tangible personal property for a short-term rental?

In many states, tangible personal property is subject to ad valorem property taxes in addition to property taxes applied to land and structures. These taxes are levied mostly by local governments, but they are regulated at the state level.

Use our self-service options on this website to pay your taxes or make a phone or video appointment at your convenience. ... Fairfax Alerts! ... Tangible personal property, as defined by state code, is all personal property not otherwise classified as intangible personal property, merchants’ capital, or as short-term rental property (Code of Virginia, § 58.1-3500).

August 21, 2025 - Intangible personal property owned by businesses is not taxable under the property tax laws of this state. Tangible personal property includes material items such as machinery and equipment, tools, furniture and fixtures, and other items used in a business activity.

April 2, 2025 - Because the tangible personal property tax is levied mostly by local governments but is regulated by state governments, there are about as many ways to administer TPP taxation as there are local governments.[16] In the textbook version of local government financial management, local governments set their general property tax rates by: 1) choosing the level of expenditures, 2) subtracting intergovernmental transfers and other revenues from expenditures, leaving the total levy to be generated from the property tax, 3) summing the total value of all of the property in the jurisdiction,[17] and 4) setting a property tax levy and rate to raise the appropriate levy.

The return must include the property location by street address and county. A post office box is not acceptable as the property address. File the return between January 1 and May 15. Do not enclose the tangible return with the income tax return. File the return with the PVA in the county of taxable situs or with the Division of State ...

We assign an economic life to each ... lives and depreciation. All tangible personal property must be reported. Business tangible assets valued at more than $25,000 are subject to ad valorem taxes....

That isn’t the only thing South Carolina does differently - they also use a much different system to value your business personal property tax. In South Carolina, an assessment ratio is applied to the depreciated cost of your assets. An assessment ratio is set by the state to ensure the tax burden is equal across the jurisdictions and industries.

Any person, firm, association, ... it any tangible personal property to be used in such business from any agency or political subdivision of the federal, state or local governments shall be liable to local taxation, unless otherwise exempted or partially exempted by state or local ...

Since all personal property taxes are state imposed, each jurisdiction may include different types of property in the tax assessment. Additionally, these taxes are often imposed by local governments, such as cities and counties, making the rules even less uniform across the country. In Duval County, Florida, personal property taxes apply to all tangible property you own that produces income.