Your guide to personal tangible property taxes

by Leona "Kay" Lehmer 11/04/2024

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

Leona "Kay" Lehmer

I have been in the real estate industry for over 25 years!  I started working with some of the top builders in Tampa and then decided to pursue my general real estate license.  I love working with people and helping them find the home of their dreams.  The TampaBay Metro area(Tampa, St Petersburg, Clearwater...)is a great City and has grown unbelievably in the past 25+years.  I have extensive knowledge that I can share for those coming to the Florida area or those who want to move up or downsize or have to leave our great state.  I make it my goal to work for you to find the right home, whether it be upsizing or downsizing, I will find the best location for you! From the beaches to golf course to the city or country, I can find the perfect home for you!  When you call my phone, you get ME! You are not handed off, if I don't know the answer to a question, I will find out and get back to you!  I Work FOR YOU!!