What is Tangible Personal Property?
Tangible Personal Property includes any equipment, furniture, fixtures, tools, signs, machinery, leasehold improvements or supplies used in a business or for a commercial purpose, other than inventory, real estate and most licensed vehicles. Exceptions to the licensed vehicle category that are taxable include equipment mounted on licensed vehicles or vehicles that have a primary use as a tool rather than as a hauling device. Examples include items such as rubber-tired cranes, tree spades, cooking and cooling equipment on ice cream trucks and snack wagons, well drilling equipment and carpet cleaning equipment.
The 2008 Constitutional Amendment 1 provides a $25,000 Exemption to taxpayers who file their TPP returns by April 1.